Re: [SL] Service company; ad-hoc parts, parking/fuel expenses

[Rich S. <rsh...@ap...>]

On Thu, 2 Apr 2009, Alan Murrell wrote:

> I run an IT service company (well, just myself, really).  I don't keep an
> inventory, but do buy hardware and software for my clients on an as-needed
> basis.  I am wondering if the following workflow is correct?

Alan,

   I run an environmental consulting company that's primarily me. I set up
inventory items for various types of professional services and for each
travel item (e.g., air fare, vehicle rental, lodging, parking and fuel,
meals & entertainment). I have regular expense categories for work done by
colleages (Outside Services).

   While I'm neither an expert on accounting or using SL for Purchase Orders,
I encourage you to create a slew of hardware/software inventory items. They
could be generic (e.g., system board, video card, optical drive, memory,
keyboard; word processing, RDBMS, backup, etc.)

   I create sales invoices only for those clients who insist on detailed
time-and-expenses invoices (e.g., lawyers who hire me as an expert witness).

   Perhaps you should check with your accountant and ask her how she wants
you to keep records.

Rich

-- 
Richard B. Shepard, Ph.D.               |  Integrity            Credibility
Applied Ecosystem Services, Inc.        |            Innovation
<http://www.appl-ecosys.com>     Voice: 503-667-4517      Fax: 503-667-8863