General & Recurring Expenses, an Income Statement and Expense Reports

It’s tax time in the U.S. and today’s 2012.3 release focuses on financial features your accountant will love.

General & Recurring Expenses

Expenses no longer need to be included as part of a job’s ledger. Now when you click on the New Expense button on the homepage, you’ll go directly to the general expense editor. This is a great way to track equipment purchases, rentals, memberships, insurance costs, etc.

Many general expenses are recurring; things like rent, an Adobe Creative Cloud subscriptions, your PPA dues, and of course your Táve subscription. You can configure these recurring expenses in Settings.

Any recurring expenses you set up will be created at 8am studio-local time on the day they’re due to occur.

Income Statement

Also known as a Profit And Loss Report, your income statement is a clear and concise way to easily view the financial health of your studio.

If your taxes involve itemizing and deducting the cost of doing business, this report will be a huge time saver. If you report your assets, clicking on a grey chevron next to a category total will take you to the expense report for that category, making it easy to figure out when you purchased each item.

Initially, all of your existing expenses will be filed under “Other Expenses” but you can reassign them using the expense editor. You can configure your expense categories in Settings, look for the icon in the Lists section.

Expense Reports

Now that you’ll be entering in far more expenses, we’ve put together two new reports to help you monitor your spending.

The first report, Expenses by Category, lists all your expenses in the selected date range and groups them by category. The Income Statement has links to each category on this report as well.

The second new expense report, Expenses by Month, provides a chronological list of your expenses. Even though expenses are grouped by month, you can still use the date filter to review the total for any period, from a single day to all time.

All three new reports are vital when it comes time to prepare your annual taxes, so we’ve added a new Print Report button to make it even easier to pass this information on to your accountant.

9 replies
  1. erik matey
    erik matey says:

    This is an awesome update, Thanks! Can different recurring options be added? for example, – bimonthly, quarterly, etc? My insurance is billed quarterly, and would be nice to just set that up once (and not have to set up multiple expenses for the same item happening at different times)

    • Adrian Ziemkowski
      Adrian Ziemkowski says:

      They can now 🙂

      Just published 2013.3 Update 1 with more control over the interval. You can now set expenses to recur daily, weekly, every two weeks, every month, every 2 months, every quarter, every 6 months, or every year.

      Thanks for the feedback!

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