The holidays are drawing to a close and for those of us who own our own businesses the next season isn’t spring, it’s tax season. You can have a happy and smooth tax season this year since you are using Pink Office. You should have been entering your invoices, importing your orders and tracking your expenses all throughout the year. If you were, then you’re set. If you weren’t it’s not too late yet!
Here are a few simple steps to getting your account tax season ready so that you can focus on the fun parts of your business, like making money!
- Import all recent orders and manually enter all wholesale orders that are no longer on your order status page. MK only holds orders in order status for 45-90 days. If they are no longer on your order status page then PO has no digital information to import. These orders must be manually imported. But the good news is, that’s not difficult at all. Just follow these simple steps.
- Enter all your customer purchases from the last year being careful to date them in the month they were received. Also, date your payments in the month they were received.
- Record all of your outside expenses. You probably purchased things throughout the year that weren’t from MK. It’s import for your financial records to record all of these purchases. If you have receipts from discount stores like Target or Wal-Mart or from restaurants or coffee shops record those expenses along with your MKConnections, BuzzKit, your Pink Office subscription or any other non-product purchases in the “money” section of Pink Office.
- Record your commission checks in the money section of Pink Office to show that additional income. (You do this just like adding an expense, but click “income” instead.)
- Last, take a look at your Tax Info Report for all the information you’ll need to fill out your taxes.
As always, if you have any questions about your account please let us know!