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Old 12-29-2010, 08:28 AM
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Christophina Christophina is offline
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Default New Daycare And MMK - When To Start Recording Expenses?

I posted this in the taxes forum but didn't get a response. So please forgive my x-posting.

So I started daycare this year. I started purchasing things and paying for training back in July. My first child started on August 30th. My question is: In minute menu kids, when do I start recording expenses like rent and power? August? July? Also, when is my technical start date? And for my time/space %, can I count all the time from before my first kid started? And finally, I didn't realize until too late that I needed to keep track of every minute of every week that I worked outside of daycare hours, can I just guesstimate or do I have to have concrete proof of everything? Sorry for all the questions, I am just so confused!!
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Old 12-29-2010, 10:07 AM
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I am not an expert but I'd be tracking supplies, toys, ect now and from day one of having kids start accounting for the utilities, water, trash, cleaning, etc. Also, time spent preparing lessons, cleaning, etc outside of daycare hours (in your home) does count, so yes, You can start counting your setup time now.
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Old 12-29-2010, 06:43 PM
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ditto dcmom.
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Old 12-29-2010, 07:05 PM
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I could have written this post. I started purchasing things in July and started on August 30th. I think only part of your question was answered. Yes, you can start with utilities, etc. on day 1. I don't know how you calculate that for August, but I was thinking I might start it on Sept. 1 just for practical reasons-it's easier. As far as tracking time outside of day care hours, I know you don't have to have proof of every hour. I've seen people suggest keeping a log for 1-2 months and using that. I'm not sure how you can do that after the fact, but maybe you can think back to Nov.-Dec. and try to estimate? Then, I would keep track for Jan./Feb. of this year for sure to use next year-maybe if you wait to do your taxes until Feb. you could use that to estimate for this year, too? Good luck!
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Old 12-29-2010, 08:34 PM
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Quote:
Originally Posted by Christophina View Post
I posted this in the taxes forum but didn't get a response. So please forgive my x-posting.

So I started daycare this year. I started purchasing things and paying for training back in July. My first child started on August 30th. My question is: In minute menu kids, when do I start recording expenses like rent and power? August? July? Also, when is my technical start date? And for my time/space %, can I count all the time from before my first kid started? And finally, I didn't realize until too late that I needed to keep track of every minute of every week that I worked outside of daycare hours, can I just guesstimate or do I have to have concrete proof of everything? Sorry for all the questions, I am just so confused!!
You can not start recording house expenses (garbage, utilities, rent, etc) until after you have a child in care. You can't count July because you didn't have children in your care. You can count your expense for training if your doors were open for business. Your start date is when you started interviewing potential clients. It was probably in August sometime. If your doors were open for business and you started interviewing in early August, then you count those hours for interviews/phone calls too. You can only count the time in your time/space percent that you conducted inhouse interviews. Do you have contracted hours? You should have your current clients at least sign a paper stating what hours (or close to) for when they have their child in your care. You can also use a ad as proof for your advertising open hours. It just doesn't hurt though to ask the parents to say "My child Johnny was here Mon-Fri from 8 am to 4 pm". You can estimate the hours you used to clean and prep. Most people spent half hour before and after daycare hours to clean and organize so you can easily end up work 50 hours on a 40 hour work week. You should just grab a calendar though and start recording what you do though as future proof. You can probably remember the last few weeks so I would start where you can remember. Just write down what times you cleaned including what you did. You can count phone conversations and emails after hours with clients. You just can't double count time. For example: if you have a daycare kid napping, you have those hours counted for since that child is in your care. If they're napping and you take phone calls and send out emails for two hours, you can't add two hours to your count. If you do these things before or after you have daycare hours then you can count that time. If you have any more questions feel free to contact me and I will help to the best of my ability.
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Old 12-30-2010, 05:10 AM
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Christophina Christophina is offline
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Quote:
Originally Posted by Missani View Post
I could have written this post. I started purchasing things in July and started on August 30th. I think only part of your question was answered. Yes, you can start with utilities, etc. on day 1. I don't know how you calculate that for August, but I was thinking I might start it on Sept. 1 just for practical reasons-it's easier. As far as tracking time outside of day care hours, I know you don't have to have proof of every hour. I've seen people suggest keeping a log for 1-2 months and using that. I'm not sure how you can do that after the fact, but maybe you can think back to Nov.-Dec. and try to estimate? Then, I would keep track for Jan./Feb. of this year for sure to use next year-maybe if you wait to do your taxes until Feb. you could use that to estimate for this year, too? Good luck!
Sounds like you know exactly what I am going through!! It's so confusing, and I even have a background in accounting!!! Thanks!

Quote:
Originally Posted by Abigail View Post
You can not start recording house expenses (garbage, utilities, rent, etc) until after you have a child in care. You can't count July because you didn't have children in your care. You can count your expense for training if your doors were open for business. Your start date is when you started interviewing potential clients. It was probably in August sometime. If your doors were open for business and you started interviewing in early August, then you count those hours for interviews/phone calls too. You can only count the time in your time/space percent that you conducted inhouse interviews. Do you have contracted hours? You should have your current clients at least sign a paper stating what hours (or close to) for when they have their child in your care. You can also use a ad as proof for your advertising open hours. It just doesn't hurt though to ask the parents to say "My child Johnny was here Mon-Fri from 8 am to 4 pm". You can estimate the hours you used to clean and prep. Most people spent half hour before and after daycare hours to clean and organize so you can easily end up work 50 hours on a 40 hour work week. You should just grab a calendar though and start recording what you do though as future proof. You can probably remember the last few weeks so I would start where you can remember. Just write down what times you cleaned including what you did. You can count phone conversations and emails after hours with clients. You just can't double count time. For example: if you have a daycare kid napping, you have those hours counted for since that child is in your care. If they're napping and you take phone calls and send out emails for two hours, you can't add two hours to your count. If you do these things before or after you have daycare hours then you can count that time. If you have any more questions feel free to contact me and I will help to the best of my ability.
So my actual business start date is from when my first interview was? I have kept meticulous records as far as times children were here, what was paid and when. I just don't have records as to how much time *outside* of daycare hours that I worked on daycare related things. I get what times I am supposed to record, I just didn't start recording until well after I started. So, all my time spent researching and training (in-home) prior to my first child beginning care with me doesn't count towards my time/space? But interviews do? And if I can start recording home expenses starting August 30th, how do I go about doing that? For example, on Aug 31 I paid my power bill. This bill was for service from 6/28 - 7/28, so this expense was paid while I was open, but it was incurred prior to being open. So do I not record this one as an expense and just start with the following month?
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