Bookkeeping, budgeting, banking and saving for retirement
Copyright Robert Lee Riley, all rights reserved, do not duplicate
without permission of author.
These recommendations may seem daunting, but they are
easy. If you are having trouble, simply call tech support at Intuit,
or at your bank.
...write checks, or charge everything that costs more than $2, or
use a debit card. Do not make ATM cash withdrawals and do
not use cash to pay for things.
...enter the information into Quickbooks, monthly, directly off
your charge account and checkbook statements. This step
should take about 30 minutes per month.
...better still, set up an online bank account and down load your
data directly into Quickbooks. Wells Fargo has a nice system;
use Wells Bill Pay for all checks that you write, and, use the
Wells credit and debit cards for everything else - then
download all these transactions into Quickbooks.
...link your charge card to your online bank checking and
savings accounts so you can make transfers using your
computer. Your checking account, savings account, ATM, debit
card, and charge card should all be at the same on line bank.
Your life savings should be spread around to various
institutions.
...pay the fee to get the charge card travel miles.
STEP ONE; SET YOUR GOALS
...realistically, expect to earn about 3.5% on your investments
after inflation, but before tax. The stock market earns 7% but it
may take you five years to get your money back. Inflation is 3%.
Bonds go down with stocks so you need to keep money in
cash accounts which lowers your overall rate of return.
...find a computer program on the internet, or at CompUSA that
will tell you how long your money will last based upon the
amount, term, and interest rate. You also need a computer
program that will tell you how much you need to save to meet
your goals.
STEP TWO; ANALYZE YOUR INCOME AND EXPENSES
...hopefully you have all of this information in Quickbooks Pro.
Your Income
Salary/wages
Income from self-employment
Retirement pay and/or government-source income (e.g., Social
Security, disability, unemployment, annuity, and pension
payments)
Interest and dividends
Alimony and/or child support
Rents and/or royalties
Income from trusts
Etc.
Your Fixed Expenses
Taxes, federal, state and local
Mortgage or rent
Insurance, including medical, auto, homeowners, life, and
other
Utilities
Automobiles (costs of operating and insurance cost)
Dues and fees paid to associations and clubs
Etc.
Your Variable Expenses
Food
Clothing
Furniture and appliances
Entertainment
Gas, oil, and commuting costs
Medical care
Gifts
Vacations
Etc.
...use Quicken to compare these amounts to prior months, or
years. Use the Profit and Loss Report and set the dates
manually.
...if you are not reaching your goals then adjust your income
and expenses accordingly. Begin with your variable expenses.
...still having trouble meeting your goals? Create a budget
(estimate) and compare actual to budget, over/under by dollar
amount and percentage.
...to be continued as time permits, check back.
Copyright Robert Lee Riley, all rights reserved, do not duplicate
without permission of author.
These recommendations may seem daunting, but they are
easy. If you are having trouble, simply call tech support at Intuit,
or at your bank.
...write checks, or charge everything that costs more than $2, or
use a debit card. Do not make ATM cash withdrawals and do
not use cash to pay for things.
...enter the information into Quickbooks, monthly, directly off
your charge account and checkbook statements. This step
should take about 30 minutes per month.
...better still, set up an online bank account and down load your
data directly into Quickbooks. Wells Fargo has a nice system;
use Wells Bill Pay for all checks that you write, and, use the
Wells credit and debit cards for everything else - then
download all these transactions into Quickbooks.
...link your charge card to your online bank checking and
savings accounts so you can make transfers using your
computer. Your checking account, savings account, ATM, debit
card, and charge card should all be at the same on line bank.
Your life savings should be spread around to various
institutions.
...pay the fee to get the charge card travel miles.
STEP ONE; SET YOUR GOALS
...realistically, expect to earn about 3.5% on your investments
after inflation, but before tax. The stock market earns 7% but it
may take you five years to get your money back. Inflation is 3%.
Bonds go down with stocks so you need to keep money in
cash accounts which lowers your overall rate of return.
...find a computer program on the internet, or at CompUSA that
will tell you how long your money will last based upon the
amount, term, and interest rate. You also need a computer
program that will tell you how much you need to save to meet
your goals.
STEP TWO; ANALYZE YOUR INCOME AND EXPENSES
...hopefully you have all of this information in Quickbooks Pro.
Your Income
Salary/wages
Income from self-employment
Retirement pay and/or government-source income (e.g., Social
Security, disability, unemployment, annuity, and pension
payments)
Interest and dividends
Alimony and/or child support
Rents and/or royalties
Income from trusts
Etc.
Your Fixed Expenses
Taxes, federal, state and local
Mortgage or rent
Insurance, including medical, auto, homeowners, life, and
other
Utilities
Automobiles (costs of operating and insurance cost)
Dues and fees paid to associations and clubs
Etc.
Your Variable Expenses
Food
Clothing
Furniture and appliances
Entertainment
Gas, oil, and commuting costs
Medical care
Gifts
Vacations
Etc.
...use Quicken to compare these amounts to prior months, or
years. Use the Profit and Loss Report and set the dates
manually.
...if you are not reaching your goals then adjust your income
and expenses accordingly. Begin with your variable expenses.
...still having trouble meeting your goals? Create a budget
(estimate) and compare actual to budget, over/under by dollar
amount and percentage.
...to be continued as time permits, check back.
Cell: 415 308-0678
Fax: 415 704-3238
Lee@RileyAccounting.net
1001 Bridgeway, #229
Sausalito, CA 94965
Conference room locations;
San Francisco
Directions Map
Sausalito
Directions Map
San Mateo
Directions Map
Larkspur
Directions Map
Walnut Creek
Directions Map
Fax: 415 704-3238
Lee@RileyAccounting.net
1001 Bridgeway, #229
Sausalito, CA 94965
Conference room locations;
San Francisco
Directions Map
Sausalito
Directions Map
San Mateo
Directions Map
Larkspur
Directions Map
Walnut Creek
Directions Map
| Robert Lee Riley CPA, MBA-tax |
| Riley Accounting |