What is a Business Budget and a Business Expense Report? HELP?
Sep 01, 2010
in
Chapter 13
For Bankruptcy Chapter 13, they asked us to provide a business budget and a business expense reports… can anyone explain what they are and possibly attach a sample…. i really don’t know how to create one.
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One comment
jerry-the-bookkeeper on September 1, 2010 at 8:46 am
To create your Business Expense report just list everything you spent money on during the past year. Sort the list into categories (use an IRS 1040 Schedule C form to give you the categories). Calculate the sum for each category. That is your Business Expense Report.
Now, using the Business Expense Report you can prepare a Business Budget for the coming year. Start off with the assumption that you will spend the same amount next year as you did last year and that your income will be the same. Next make adjustments for items that you know will be less or more. For example if you spent a lot of money building inventory last year and all you have to do this year is buy fill ins and replacements for goods you have sold your Cost of Goods may be lower.
Hope this helps
Jerry-the-bookkeeper