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Thread: Documenting Earnings

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    Default Documenting Earnings

    Hello everyone!

    I am preparing to begin stripping and making an excel sheet to document my earnings.
    Does anyone else do this for tax reasons, for examples?
    Any tips on how I should organize the excel sheet or what I should include on it?


    Thank you!!!!!!!!

    Virgo22

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    God/dess shanna dior's Avatar
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    Default Re: Documenting Earnings

    I have an Excel spreadsheet to track my earnings. For each shift, I track how much I made, how much I paid in fees, my net earnings after fees, how many hours I worked, my hourly average, what day of the week it was, what week of the month it was, and any special notes (usually the names and details of good customers, but also if it was freakishly slow or busy, along with any regulars that came in to see me).

    I'll then track my total earnings, my overall hourly average, and my overall average shift earnings, both in total, by day of the week, by week of the month, and by month. It sounds like a lot, but once you set up the sheets, Excel does it all for you.

    I find it interesting to see that level of detail in general, but it also helps me plan when to work/take time off. February and March are typically the months where my average shift earnings are the lowest, while the third week of the month is, on average, my most lucrative, and Fridays tend to be better than Saturdays. Of course you can never fully predict your earnings, especially with regulars thrown in the mix, but I feel better about taking time off when I historically do worse since I don't feel like I'm missing out as much.

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    Default Re: Documenting Earnings

    Quote Originally Posted by shanna dior View Post
    I have an Excel spreadsheet to track my earnings. For each shift, I track how much I made, how much I paid in fees, my net earnings after fees, how many hours I worked, my hourly average, what day of the week it was, what week of the month it was, and any special notes (usually the names and details of good customers, but also if it was freakishly slow or busy, along with any regulars that came in to see me).

    I'll then track my total earnings, my overall hourly average, and my overall average shift earnings, both in total, by day of the week, by week of the month, and by month. It sounds like a lot, but once you set up the sheets, Excel does it all for you.

    I find it interesting to see that level of detail in general, but it also helps me plan when to work/take time off. February and March are typically the months where my average shift earnings are the lowest, while the third week of the month is, on average, my most lucrative, and Fridays tend to be better than Saturdays. Of course you can never fully predict your earnings, especially with regulars thrown in the mix, but I feel better about taking time off when I historically do worse since I don't feel like I'm missing out as much.
    Thank you so much for taking the time to reply Shanna Dior! Thats all very very helpful...

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    God/dess Zofia's Avatar
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    Default Re: Documenting Earnings

    When I started dancing, I just used accounting paper. Excel will work just a well and be easier to read. I also deposited all my dancing money in one specific bank account. That was my business checking account. From that account, I paid all my dancing related bills if possible. Where I needed a credit card, I would pay those from my personal credit card and then write myself a check as a reimbursement. Of course, record each check on the spreadsheet as well. This way, you will have two records of earnings. The first your spread sheet, the second, your bank statement. I paid my quarterly taxes out of the business account and paid my draws from there. Once my business got some history, I was able to get a business credit card. From then on, I almost never paid out of my personal funds, any business expense. I was also very careful not to pay anything personal from the business account or with the business credit card. Also, deposit everything you make every shift in your bank ASAP. There was an ATM down the street from one of the clubs I worked that belonged to my credit union. I stopped there every night and put my money in.

    HTH
    Z

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    Default Re: Documenting Earnings

    Quote Originally Posted by Zofia View Post
    When I started dancing, I just used accounting paper. Excel will work just a well and be easier to read. I also deposited all my dancing money in one specific bank account. That was my business checking account. From that account, I paid all my dancing related bills if possible. Where I needed a credit card, I would pay those from my personal credit card and then write myself a check as a reimbursement. Of course, record each check on the spreadsheet as well. This way, you will have two records of earnings. The first your spread sheet, the second, your bank statement. I paid my quarterly taxes out of the business account and paid my draws from there. Once my business got some history, I was able to get a business credit card. From then on, I almost never paid out of my personal funds, any business expense. I was also very careful not to pay anything personal from the business account or with the business credit card. Also, deposit everything you make every shift in your bank ASAP. There was an ATM down the street from one of the clubs I worked that belonged to my credit union. I stopped there every night and put my money in.

    HTH
    Z
    Thank you thank you! I currently dont do my taxes, my mom does, but I know Ill also need to keep track of things for that too... Seems a little intimidating. I dont really understand when people say "Im going to count that as a work expense" or "Im going to write that off for my taxes". But Im sure there is a thread on here for that haha! Thanks for taking the time to answer me, Zofia!

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    Default Re: Documenting Earnings

    Quote Originally Posted by Virgo22 View Post
    Thank you thank you! I currently dont do my taxes, my mom does, but I know Ill also need to keep track of things for that too... Seems a little intimidating. I dont really understand when people say "Im going to count that as a work expense" or "Im going to write that off for my taxes". But Im sure there is a thread on here for that haha! Thanks for taking the time to answer me, Zofia!
    There are plenty of threads in Dollar Den. But, here are the basics, a business is taxed on net income, not gross. So, a business takes it's revenue, and deducts all ordinary and necessary business expenses to come to a figure called net income. Then, the tax is applied. When someone says they are going to "write that off" what they really mean is they are going to treat it as an ordinary and necessary business expense. In that we don't live in a country where the tax rate is 100%, it is not a economic idea to deliberately incur an expense just for the tax write off. In other words, it is stupid to spend a dollar to save thirty cents. But, if you have to spend the dollar in the business, then you might as well expense it and save the thirty cents.

    HTH
    Z

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