Dividing into Categories

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  • Josiegirl
    Daycare.com Member
    • Jun 2013
    • 10834

    Dividing into Categories

    I make lists of categories such as for the household: property taxes, oil, electricity, home insurance, paper products/cleansers, garbage removal, etc. And put a total under each heading.
    Then I make headings(that are completely daycare related) such as Supplies, Gifts and Parties, daycare insurance, etc. and put the totals under those.
    Is there a certain way we're supposed to title these or divide them up?
    I always get confused and hand my list to the accountant. He's never said it's right or wrong but I'm wondering now?
    Thanks for any help!!!
  • Baby Beluga
    Daycare.com Member
    • Aug 2014
    • 3891

    #2
    I am curious about this as well

    Comment

    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062

      #3
      expense categories

      Originally posted by Josiegirl
      I make lists of categories such as for the household: property taxes, oil, electricity, home insurance, paper products/cleansers, garbage removal, etc. And put a total under each heading.
      Then I make headings(that are completely daycare related) such as Supplies, Gifts and Parties, daycare insurance, etc. and put the totals under those.
      Is there a certain way we're supposed to title these or divide them up?
      I always get confused and hand my list to the accountant. He's never said it's right or wrong but I'm wondering now?
      Thanks for any help!!!
      You are doing fine. There is no right or wrong way to organize the categories of your expenses. I've created five additional expense categories to add to Schedule C, but you can create your own. In the end, it doesn't matter. My five additional expense categories (other than those that appear on Form 8829 and Schedule ) are: food, toys, cleaning supplies, household items and activity expenses.
      http://www.tomcopelandblog.com

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