How do I enter year-to-date information that's prior to the date I enrolled in Deductr?
If you are setting up your account for the first time but have older year-to-date information you would like to enter, there are basically two ways to do it. All entries are date sensitive so going back and entering old receipts will have the effect of entering data as if you had been using it all along. The easiest way to get year-to-date information into the system is to simply enter each item using the input screens provided. This will give you additional familiarity with the system and will give you a chance to "practice" using this powerful software. It will also provide the "audit trail" for which the system was designed.
However, if you have been using another system to track your expenses and there are a large number of transactions to enter, an alternative way to get this year to date information entered could be done as follows:
Step 1: Decide on a cutoff date for when you will start entering all new data.
Step 2: Run a transaction type report from your old system that will give you all the detail from all transactions and sort them by category.
Step 3: Make a new entry for each category total from the year-to-date transaction report. Use the date of the report as the date of Expense (or income), put "Beginning Balance" or "Year-to-date Balance" as the payee (or source for income transactions), and put the total amount for that category in the amount field. Then select the category that corresponds to the transaction report category.
Step 4: Repeat this for each category total you want to enter into the system as a lump sum balance.
For example, if you are starting to use our software in July, but since January 1, you have been using Quicken, run a Quicken transaction detail report sorted by category. Assume your Quicken report shows the following:
5 transactions for Meals and Entertainment for a total of $100
20 transactions for Auto Fuel for a total of $650
6 transactions for Income for a total of $1,200
Our suggested method of entry would be the following:
1. Enter a Transaction item for Auto Expenses: Fuel using the date on the Quicken report as the date of the transaction; enter "Beginning Balance" in the payee field; enter $650 as the amount; enter anything you would like into the Description field such as "Year-to-date balance from Quicken transaction report"; select "Auto Expenses: Fuel" as the category.
2. Enter a Transaction item for the Income deposits using the date on the Quicken report as the date of the transaction; enter "Beginning Balance" in the source field; enter $1,200 as the amount; enter "Year-to-date income deposits from Quicken report" in the Description field; select "Revenue: Income" as the category.
3. For the meals and entertainment, since there are only 5 transactions and since the detail of the business purpose of those meals is an important item to track, you might consider entering each one individually. This is so you can record who you entertained and the business purpose of the meal or event in the Description field of the expense input screen. Otherwise you could enter the year-to-date total as described in the previous two steps.
4. If you enter lump sum year-to-date information as described in this FAQ, you will want to keep the transaction detail report so you can provide that to your tax preparer along with tax preparer reports at the end of the year. That way the audit trail detail is preserved and the records can be maintained properly showing all the detail necessary.