Blog post 28th Feb - what did everyone think?

lizzieloumooselizzieloumoose Posts: 29Member
edited March 2012 in Small Business
http://www.youneedabudget.com/blog/2012 ... b-to-ynab/

I am a recently self-employed bookkeeper in the UK and never even thought of anything else for my finances. Because I don't *have* to have a separate bank account as I'm not a Ltd company I have chosen simply to keep everything in one file. With a "Bookkeeping" Master category and various sub cats for professional subs, insurance and of course, tax provision (and even holiday. Yep, I pay myself holiday!) with a catch-all for "Bookkeeping Other" for marketing, equipment, software etc because I don't spend a lot on these things.

Because my husband and I also maintain separate accounts for now, (although we will shortly have a House Budget for our joint spending) it also means that I'm not confusing anyone else with my weird business categories.

A couple of things that occurred to me as I read Jesse's post. If, like me you are running personal and business in one, you might not want to track the revenue in the way that he has with "revenue" Categories and minus budgeting. For me, I only have one income type at the moment, so simply tracking who the money came from in the Payee is enough. Also, although I don't have a lot of receivables, I do invoice and give time to pay. Like a good YNABer I don't budget income until it's in my hand, but you could work around the receivables angle by setting a scheduled transaction for when the invoice is due to be paid, with the invoice number and any other pertinent detail in the comments. Like a good bookkeeper, I have this info in an excel sheet anyway, but it would certainly give you some visibility in YNAB as to your receivables. When you’re paid, you simply send the transaction to the register. If it turns up and you haven’t been paid, then you pick up the phone!

There's part of me that's also thinking of putting my taxes provision into a separate (off-budget even) account. I don't want to think of it as my money, because it isn't. To be honest, I'd even think about splitting it off as it came in as taxes and only seeing the balance come in as available to budget but I have no idea of how that would work. I think part of it is that I can't get used to the fact that I have one figure (that looks pretty good) coming in, but a lot of that gets budgeted straight away to tax which builds up and gets paid in one whack. Being an employee and being paid net of tax for so long makes me cranky about seeing what I'm paying the tax man. I'd almost rather see it as an expense and gone from mind rather than a pot of money I can't use.

Good to hear everyone else’s views on the post.
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