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How many categories are needed for taxes? We don't want to create too many, but we also don't want to put too many items in a category and it be too broad. For example, would we put paint in an Art Supply category or just under Supplies? Or if the daycare (we don't live in the building so everything is for the daycare) bought a new skillet....what sort of category is that?
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I don't know what "too many" is but here are the ones that I use in MMK. I'm in FCC.
Activity Expenses
Advertising
Casualty Losses
Cleaning Supplies
Computer/Printer/Office Equipment
Furniture/Appliance/Play Equipment/Carpets
Home Improvement
Home Repairs & Maintenance
Home
Homeowner's/Renter's Insurance
Household Items
Insurance
Land Improvement
Legal & Professional Services
Mortgage Interest Paid
Office Expenses
Real Estate Taxes Paid
Repairs & Maintenance (not on home)
Supplies
Taxes & License
Toys
Travel & Entertainment
Utilities: Cable TV
Utilities: Cost of Second Phone Line
Utilities: Electricity
Utilities: Garbage
Utilities: Gas
Utilities: Sewer
Utilities: Water -
Thanks for the list! I just didn't know how broad I could be, because a lot of things could go under Supplies (paint, paper, paper towels, cleaning products, toilet paper, ink for printer, etc) but I didn't know if that was okay. Also, what do you put holiday decorations under? We've just called that "Daycare" and put things like books, totes to hold toys, big pillows, etc under it because they're all used in the daycare.Comment
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I put my decorations under SuppliesComment
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I use as many categories as I can, but Minute Menu helps. When in doubt, log it under supplies. In case of audit you want great record keeping.Comment
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