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Best way to track income?

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Best way to track income?

Postby WalkAway » Tue Mar 06, 2012 10:57 pm

Well, as a relative n00b to the freelancing full-time for clients other than DMS thing, I'm still trying to figure out how best to track and manage my freelance finances. I've used Excel in the past, but it gets to be a little annoying continually updating that, so I've been looking for a more automated solution.

I recently started using the Outright website, which has a fantastic tie-in to your PayPal transactions so all of my pay (which comes through PayPal) and all of my freelance-related expenses (also through my PayPal card) are automatically sync-ed to Outright. It even tells me a rough estimate of how much to save out for quarterly IRS taxes, which is pretty cool.

In terms of reports, though, I've found the site to be a bit lacking. I want to be able to easily generate reports of my income and expenses each month, and it'd be nice if the income report looks semi-professional, as I'll likely be buying a new car this summer and will need to show a history of steady monthly income to get a loan. I looked into Quicken briefly, but hated the layout for the Home and Business edition.

Ideally, I'd like something that syncs with my PayPal account so I don't have to manually add transactions. Like I said, the ability to issue professional looking income (or monthly wage) reports would be great.

Does anyone have any website, software or other suggestions to accomplish this? For the full (or even part-timers), how do you track your income?
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Re: Best way to track income?

Postby CE_ClueBat » Sun Mar 11, 2012 10:47 am

Now that I do it on the side, I don't keep track. I had a special spreadsheet made for DMS that tracks what I wrote, what was accepted and what was rejected/abandoned, so I knew how much they owed me at any given time.

They actually paid me twice for an article once, but then I got fucked by an article that disappeared from my quiche after writing it and hitting submit and the helpdesk just said "herp derp we can't find that title," so I think we're even.
"Or, it could be that I don't know everything." ~TheBatman
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Re: Best way to track income?

Postby Scribe On Demand » Wed Mar 14, 2012 12:13 am

I use Outright and I love it. As for proof of income, for rental applications and such I offer my 1040-ES that I submitted to the IRS. Landlords seem to understand I don't want to overestimate my income to the IRS. :lol: I mean, really, why would I want them to take more of my money?
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Re: Best way to track income?

Postby WalkAway » Wed Mar 14, 2012 2:08 am

Lol! So true, Scribe. I'm still getting used to doing things differently with the IRS. Past few years I've made so little freelancing that I could do the pay at the end of the year thing without much a problem. Now I'm on pace to make quite a bit more this year, so I've gotta start doing the estimated payment thing.

Like I said, I love Outright, but I just wish the reporting functionality worked better. The 1040-ES is a good idea for once I start doing estimated payments, though. :)
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Re: Best way to track income?

Postby WalkAway » Thu Apr 26, 2012 3:05 am

Just as an update, Outright introduced a kick ass update to the site last week. It now does everything I need it to do and more. Very happy with Outright now and it's reporting capabilities.
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