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BASIC BOOKKEEPING, SIMPLE RECORD KEEPING, HANDLING MONEY
Week beginning Monday , October 7 , 2021
INCOME in $USD
EXPENSES in $USD
Gas for generator 5
Re-stock inventory 580
New light 32
Paper and pens 13
Break down of Income & Expenses:
Total income of 3,410 – expenses of 640 = 2770 Gross Profit.
Here is the Gross Profit break down:
40% = 886 for next re-stock
20% = 443 to save
40% = 886 to take home pay for local partner(s) if that much is needed
It is better to save a larger amount if possible! In life, there are almost always unexpected expenses—save money, be ready for them!
You will need a bank account. The only expenses allowed are the ones for which you get a receipt. No exceptions. Get receipts. It is just good business practice. As you expand in a few years, you will be glad you learned to get a receipt for everything.
A calculator helps, but is not required. They are very cheap. If it will add, subtract, multiply, divide and do % (percentages), that is good enough.