I've been using Billings 3 for about three years now. Two years ago I needed a better way of tracking expenses. Billings has the support for expenses built in, but they're meant to be applied to client projects. Since 99% of my expenses are incurred by me/for me, I needed a way to track them in this personal sense.
This review/tutorial was inspired by Sam Brown after talking with him about his recent Billings 3 testimonial.
Create a Personal Project called Expenses.
Since Billings tracks expenses based on projects, we'll need a fake project to call our expense Project. You can create one per year or stack them all together in one.
Inside of Personal Projects on the sidebar, create a new Project that will label and hold all of your expenses for that current year.
Add Expenses (aka Slips) to the Project.
You'?ll have one Slip per expense (make sure it's a working slip and not an estimate slip), Make the slip 'My Eyes Only' and select 'Expense' under the kind drop down. Lastly, be sure to give it a proper name and date.
Below, in figure two, you'll see what my slips look like. They're easy to look up, search, and order.
Save time by making an Expense Blueprint.
This part isn't necessary, but it will save you a few clicks on each slip. The purpose of a Blueprint is to duplicate frequently used settings to save time. If you're anything like me, you'll have a ton of expenses so saving three clicks each slip ends up being hundreds. I'm up for anything that saves my wrists from RSI/Carpel Tunnel.
Adding Expenses on the GO.
Market Circle, the creators of Billings, released an iPhone app last year called Billings Touch. You can purchase the Pro version so that you are able to sync changes back and forth. This is handy for time tracking, but also for adding expenses as soon as you have them.
Running a Report for your Tax Returns
Billings really makes it easy to run reports on your data; espcially pulling out expenses. When it comes time for taxes, all you'll need to do is run one report and print if needed.
Go to Reports and inside of 'TimeSip' select 'Expenses by Category'. Now, input the date range you need to run and click run.
As seen in figure three, I like to categorize my expenses since I have to on my tax return.
The Key is Organization.
In the end, it's most important to be organized and to find a system that works best for you; I think I've found mine. But, I'm always adapting and learning new ways that work for my business and daily life.
Good luck finding what works for you!
Until next time, follow me on twitter, @michaeldick