Sent out as an email to FreshBooks users yesterday.
Spring is here! Unfortunately that means taxes are due in the next few weeks – but since you’ve been using FreshBooks this year, you can pull your sales and expense information in seconds and quickly flip it to your accountant.
Step 1: Pull your Profit & Loss report
First, pull your “Profit & Loss” report in your “Reports” tab under “Bookkeeping” reports. Then adjust it to the following:
- Period to “Yearly”
- Ending to “December” “2010” or your tax year-end
- Revenue to: “Collected (Cash Based)” (or for accrual: “Billed (Accrual)”)
- Expenses to: “Exclude Sales Taxes” or “Include Sales Taxes” depending on your filings*
- Then click update.
*For details on how to do your expenses and sales tax filings, talk to your accountant. The “Expense Report” has more detail.
Step 2: Email your accountant
Send your Profit & Loss to your accountant using “Export to: Excel” on the right. Just attach the file to an email and fire away!
Done! Now it’s time for to take some time off.
Bonus: Are you using Cost of Goods Sold (COGS) in FreshBooks or have questions about them? Learn what COGS are and how to use them.