If you are a freelancer or are involved in a sharing economy like Uber, Airbnb, Lyft etc., usually you are treated as a contractor. You are responsible for tracking your income and expenses so that you can pay appropriate taxes to the authorities at the year-end.
SlickPie can help you in managing your accounting and bookkeeping needs. Just a few easy steps, like bookkeeping for any business, and you will be good to go.
PLEASE NOTE: This article is for general help only. We always recommend checking with your accountant before making any accounting entries.
Let's say you are an Uber driver. Assuming the customer has paid through credit card, Uber paid you $100.00. This is how you are going to record your income from Uber.
Step 1: Add Uber as a Customer.
Step 2: Add Rideshare Service to Inventory.
Step 3: Record Income for the amount received from Uber.
As mentioned above, if you received $100.00 as income, there are 2 ways to enter this income:
- Tax Exclusive
- Tax Inclusive
If you select Tax Exclusive, then you have to calculate the exact income you earned before tax.
If you select Tax Inclusive, then you simply enter the amount as sent by Uber and calculation is done for you.
For any expenses related to this economy, like fuel, telephone expenses, office expenses, stationary etc, can be entered in Record Expense.