The easiest way to automatically track your expenses-including reimbursable expenses- is to snap a picture of each receipt with your phone and upload it instantly to the cloud via a receipt app like Dext. Keep a record of every receipt, just in case, including any small-time expenses you may acquire on your clients’ behalf while working on a project, which were unaccounted for at the beginning. How to Properly Record and Track Expensesįind out what the client includes as allowed reimbursable expenses, or check the contract before accepting the project. For the most part, Realtor fees are usually paid by the seller, and the fee is usually subtracted from the proceeds of the sale. In real estate, a Statement of Adjustments, as written up by a lawyer, describes all of the costs that the buyer and seller still needs to pay for, including any outstanding Realtor fees for keys, couriers, listing preparation, marketing and other expenses. John also charges the shipping costs, which includes the envelope or box, packing materials, and the fee he paid to the shipping company. They don’t care, and he makes a bit of a margin on each of the hard drives. He buys bulk packs of hard drives for the wholesale price, but charges his clients for the retail price of one portable hard drive ($124 CDN + applicable sales tax). “John” must deliver his product on a portable hard drive to the Canadian division of an American music label. Another client of ours, a video producer, creates music videos for large corporations. It’s also important to keep track of the supplies you use for projects so that you can properly bill the client for them. The Canada Revenue Agency (CRA) considers these zero-rated for GST/HST purposes (i.e., taxed at the rate of zero per cent) and therefore, no GST/HST applies. In Jen’s case, the reimbursable expenses are in American dollars because the customer is American. reimbursable travel expenses that are itemized on the invoice, with copies of receipts included. invoice, which is separate from the $1250 U.S. Jen lists “security consulting” on her customer’s $6000 U.S. about their security processes, so the client pays for her flight, hotel, transportation, and meals. “Jen” consults with large retailers in the U.S.
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