Freelance_Finance_Template_BbtP_v01
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Template Financial Tracker for Freelancers & Side Gigs
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By Potato - see http://holypotato.net/?p=2195 for discussion and updates
Note: this is a template. Please do not ask for permission to edit -- save a copy to your own Google Drive to edit it for your own use!
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Year: 2019
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Summary section:
Notes
Detailed Tables for Input - Revenues:
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Revenue
AmountRevenue stream 1 (e.g. Consulting)Revenue stream 2 (e.g. CAD Book Royalties)Revenue stream 3 (e.g. USD Book Royalties)Revenue stream 4 (e.g. Direct Book Sales)
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Source:Revenue stream 1 (e.g. Consulting) $ 2,610.00 Date/item/noteAmountDate/item/noteAmountDate/item/noteAmountDate/item/noteAmount
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Revenue stream 2 (e.g. CAD Book Royalties)
$ 151.75 Client 1, date $ 180.00 Jan-19 $ 75.00 19-Jan $ 19.33
* $14.50 USD converted at 0.7501
25-Jan $ 19.99
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Revenue stream 3 (e.g. USD Book Royalties)
$ 38.72
Note: this may come as a 1042-S from Smashwords, if so, subtract this amount from T2125 and report the foreign tax slip instead
Client 2, date $ 180.00 Feb-19 $ 14.50 15-Mar $ 19.39
* $14.50 USD converted at 0.7480
14-Feb $ 19.99
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Revenue stream 4 (e.g. Direct Book Sales)
$ 79.96
Manuscript edit, date
$ 2,250.00 Mar-19 $ 62.25 3-Mar $ 19.99
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28-Mar $ 19.99
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Total Revenue:
$ 2,880.43
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Notes: remember HST small supplies exemption is $30k over past 12 months. If revenue is approaching this, time to build sales tax into this.
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Expenses
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Line for T2125
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8320Inventory Purchases $ 116.29
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8500Inventory at end of yearFill this in manually on Dec 31 based on inventory count
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Net inventory used $ 116.29
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9275Expense 2 (e.g. Delivery) $ 22.60
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8521Expense 3 (e.g. Advertising) $ 75.00
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8810Expense 4 (e.g. Office Supplies) $ 77.60
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8523Expense 4 (e.g. Meals) $ 75.00
For taxes only half will count
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9270Expense 5 (e.g. Other) $ 176.06
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Expense 6 (e.g. Other) $ -
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Total Direct Business Expenses:
$ 542.55
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Net income for personal purposes:
$ 2,337.88 Subtotal $ 2,610.00 Subtotal $ 151.75 Subtotal $ 38.72 Subtotal $ 79.96
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Flash estimate of tax and CPP due – save this!
$ 935.15
Est. 30% tax, 10% CPP
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Flash estimate of spendable net income
$ 1,402.73
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Detailed Tables for Input - Expenses:
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Business Use of Home Expenses
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Note: enter full amounts into tax software, and it will apply pro-rata amountInventory purchases (e.g. book printing)Expense 2 (e.g. Delivery)Expense 3 (e.g. Advertising)Expense 4 (e.g. Office Supplies)Expense 4 (e.g. Meals)
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Rent $ 14,625.00
IngramSpark purchase Feb 14 2019, 18 books
$ 116.29
Postage for Jan 25 order
$ 5.65
Spring ad in CDM booklet
$ 75.00
Envelopes, Staples, Jan 25
$ 24.25
Note: for meals only 50% counts – tax software will handle that, enter full amount here
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Hydro $ 1,512.00
Postage for Feb 14 order
$ 5.65
Business cards and bookmarks, Vistaprint, Mar 3
$ 53.35
Dinner @ Paisanos with SM re joint project
75
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Gas $ 1,017.00
Postage for Mar 03 order
$ 5.65
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Water $ 801.00
Postage for Mar 28 order
$ 5.65
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Insurance $ 460.05
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Internet $ 461.88
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Subtotal (total actual amount): $ 18,876.93
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Pro-rata amount: $ 786.54
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Stuff to Track Section
Subtotal $ 116.29 Subtotal $ 22.60 Subtotal $ 75.00 Subtotal $ 77.60 Subtotal $ 75.00
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Inventory
# booksAverage cost
Expense 5 (e.g. Other)
Expense 6 (e.g. Other)
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Opening inventory, Jan 1 2019: 0 books
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Webhosting, see Jan 4 email for receipt
$ 150.00
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Closing inventory, Dec 31, 2019: X books at $Y avg cost
Domain name, see Oct 11 email for receipt
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Transaction fees, Stripe
0.56
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Transaction fees, PayPal
1.5
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Capital Equipment Purchases
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Note to self: import tax file from each year to carry forward CCA amounts on existing equipment.
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Track new equipment purchases here, and enter in CCA section for taxes.
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ItemCostPro-rataSubtotal $ 176.06 Subtotal $ -
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Mar-25-19
New computer900
50% for business use, 50% personal
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Jun-1-19
New filing cabinet125100% for business
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Business Use of Home Expenses
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RentHydroGasWater
Insurance
Internet
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Pro-rata calculation:
Note: rent, water go under "other" on T2125; enter full amounts below, then apply pro-rata
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Total area of house
120019-Jan $ 1,200.00 $ 125.00 $ 80.00 $ 234.00 $ 38.00 $ 38.49
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Area of my workspace
10019-Feb $ 1,200.00 $ 120.00 $ 80.00 $ 38.00 $ 38.49
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% of time space used for business (vs. personal use)
50%19-Mar $ 1,200.00 $ 119.00 $ 80.00 $ 38.00 $ 38.49
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Pro-rata amount:
4.2%19-Apr $ 1,225.00 $ 118.00 $ 80.00 $ 38.45 $ 38.49
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19-May $ 1,225.00 $ 110.00 $ 80.00 $ 265.00 $ 38.45 $ 38.49
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19-Jun $ 1,225.00 $ 130.00 $ 80.00 $ 38.45 $ 38.49
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19-Jul $ 1,225.00 $ 145.00 $ 112.00 $ 38.45 $ 38.49
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19-Aug $ 1,225.00 $ 150.00 $ 85.00 $ 38.45 $ 38.49
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19-Sep $ 1,225.00 $ 135.00 $ 85.00 $ 302.00 $ 38.45 $ 38.49
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19-Oct $ 1,225.00 $ 110.00 $ 85.00 $ 38.45 $ 38.49
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19-Nov $ 1,225.00 $ 115.00 $ 85.00 $ 38.45 $ 38.49
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19-Dec $ 1,225.00 $ 135.00 $ 85.00 $ 38.45 $ 38.49
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Total for year: $ 14,625.00 $ 1,512.00 $ 1,017.00 $ 801.00 $ 460.05 $ 461.88
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