RETAIL TRACKING RECORDKEEPING METHOD

OVERVIEW

This more detailed approach to recordkeeping tracks each separate product purchase and sale for the year as a separate dollar amount. This involves more data entry but allows you to easily identify and communicate with clients based on their previous purchases, while also producing tax-ready reports at the end of the year.

SPECIFICS

In order to create business records using this approach you will need to:

1. Enter your total income for the year as shown on the 1099 you receive from your company.
2. Import or enter your individual expenses for the year. MLM Easy Money Professional can import bank and credit card statements in either Microsoft Money (OFX) or Quicken (QFX / QIF) format.
3. Import or enter each individual product purchase and sale.
4. Enter all other product transactions, including the use of products for samples, personal use, borrows, loans and trades.

PROGRAM SELECTION

This approach can only be implemented using the Basic, Standard or Professional Edition of the program.

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