Jenn HollowellInvoicing & Bookkeeping
July 24th 2008 14:44
I would like to start a discussion about invoicing and bookkeeping. There are several writing jobs where it is necessary to send out your own invoices, while others automatically generate payments to you on a scheduled basis. Because there are two different payments methods (one where you’re required to send, and one where you just receive), keeping accurate records is a must.
How do you keep track of your books? I used to use a spreadsheet that marked my scheduled payments, payments received, payments sent, and payment expected. This worked well for a while, but then it became daunting. I moved on to the use of a “cash book” record keeping method, but then I lost the book when I moved offices.
I would like to hear from you about what works best, why it works best, and the process it took you to arrive to this conclusion. A discussion like this is particularly beneficial come tax time when accurate record keeping comes strongly into play. Why wait until the last minute? Let’s hash all of this out now. I’ve got my coffee – the floor is yours!
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Comment by Rebecca Laffar-Smith
If the balance is outstanding the invoice says so. If it's been paid I update the invoice to acknowledge the payment.
So far it works for me. I also use QuickBooks to record incoming and outgoing finances which makes it easier to do my Profit and Loss statements for tax purposes. I have to declare my P&L's frequently (monthly) to continue to qualify for a single parent pension when my income is low enough.
Comment by Wilson Pon
Techno Stuffs
As a freelance writer, we had been advised to create an invoice for your clients. By this way, you can track up the payments and workloads easily...