Activity

USS Biz Trek Activity # 29: A Record-Keeping System

In Lesson 8, you learned the importance of keeping good financial records. This activity will help you set up a basic record-keeping system for your business. If you want a more advanced system, it is best to get the help of a certified public accountant or tax accountant.

Below is a checklist of items you need for keeping records. As you gather each item, check it off the list.

___ 2 large envelopes (9 x 12 or larger)	___ A notepad
___ A notebook (or your USS Biz Trek log)	___ A calculator
___ Receipt forms (from an office supply store)

Step 1: Label one envelope Income and the other Expenses. Then open your log or notebook to a new section and label the first page Income Ledger. Create columns on your page like the sample below.

Income Ledger Month/Year: ________________

Date	Source	Sales Price	Sales Tax	Total Amount
.	.	.	.	.
.	.	.	.	.
.	.	.	.	.

Step 2: Every time you sell something, give your customer a receipt. Keep a copy of the receipt for your records. Then record the income in your Income Ledger and file the receipt in the envelope labeled Income.

Step 3: Open your log or notebook to a new page and labeled Expense Ledger. Create columns like the sample below.

Expense Ledger Month/Year: _________________

Date	Paid to:	Cost of Goods	Operating Expense	Total Expense
.	.	.	.	.
.	.	.	.	.
.	.	.	.	.

Step 4: Every time you spend money on your business, get a dated receipt and record the expense in your Expense Ledger. File the receipt in your Expense envelope.

Step 5: As your business continues, create new envelopes and ledger pages for each month. When it’s time to figure out your taxes at the end of the year, your records will be easy to find.

Finished?

Rocket back to Lesson 8

Rocket forward to Lesson 9