Originally Posted by lovemykidstoo:
OK Tom, I am finalizing my categories for record keeping after going through your book again. This is what I have in a nutshell. I went off your lists and picked out the items in the categories that I usually use:
Toys and craft materials
Gifts
Office Expense (books, dues, computer software, paper supplies, desk supplies, training, internet)
Repairs and Maintenance (carpet cleaning, flashlight and batteries, lawn maint., pest control, repair of applicances)
Kitchen supplies: (kitchen utensils, pans, cups, dishes, storage containers, tinfoil, saran wrap, garbage bags, cans, napkins, paper plates, cups, dish towels, cookbooks, kitchen appliances, placemats, plastic bags,storage containers)
Utilities: gas, electric and water
Household supplies: (indoor/outdoor thermometer, fire alarm, fire extinguisher, fireplace screen, first aide, flower boxes and flowers, garden hose, tools, gas for lawn mower, appliances, safety latches, blankets, shelves, boosters, clothes hangers, hampers, coat hooks, cribs, extension cords, window shades)
Cleaning supplies (waste bakets, wash clothes, kleenex, garbage can/liners, hand towels, vacuum, laundry basket, paper towels, toilet paper, plunger, cleaning brush)
Activity Expenses (cakes, special foods for treats such as popcorn, pizza)
Daycare Insurance
I know in one part of the book it did say that you didn't need to worry about separating some expenses, but then I thought I read that if you throw everything into one category it kinda sends out a red flag. How do these look? Am I missing anything?
Your expense categories are fine. As others have stated, you need to identify which items are 100% business and which are shared between your business and your family. You don't need separate expense categories for this.