Simple Bookkeeping SAMPLE
Week beginning, Monday , October 7, 2013
INCOME in $USD
EXPENSES in $USD
5 gas for generator
580 re-stock inventory
32 new light
13 paper and pens
Break down of Income & Expenses:
Total income of 3,410 – expenses of 640 = 2770 Gross Profit x 20% to Dr. Epps (20%=554, 80%=2216). The 80% that “stays local” breaks down as shown below:
40% = 886 for next re-stock,
20% =443 to save,
40% = 886 to take home pay for local partner(s) if that much is needed.
It is better to save a larger amount if possible! In life, there are often Unexpected expenses—save money, be ready for them!
You will need a bank account and it must allow for international transfers so you can transfer Dr. Epps’ 20% each week. Get receipts for EVERY expense. You will be sending me a copy of everything and the only expenses allowed are the ones for which you provide a receipt. No exceptions. Get receipts. It is just good business practice. As you expand in a few years, you will be glad you learned to get a receipt for everything.
A calculator helps, but is not required. They are very cheap. If it will add, subtract, multiply, divide and do % (per cents), that is good enough. There are some questions for you to answer about how you will do bookkeeping.
From the video course: “How To Start A Micro Business” by Dr. Jerry Dean Epps, Ph. D.