Please explain more on the income side, 2017 IRS states $7,000. However, you claim you are able to pay $12,000 a month in bills...
Also, a itemized statement of your monthly cash flows would be helpful.
I use Quickbooks for personal and business and have spreadsheets that I work off to track credit card and other debt so that I can combine them together. I could use Quickbooks for everything but I like tracking on spreadsheets too. Here is a our business P&L for this year.
BUSINESS Jan - Dec 18
Ordinary Income/Expense
Income
Cash Rewards 49.83
Sales Income 0.00
Sales 137,821.55
Non-Taxable Sales 7,096.00
Freight and Shipping Income 675.00
Interest Income 0.39
Sales Tax - Vendor Comp -1,087.08
Total Income 144,555.69
Cost of Goods Sold
Direct Job Costs
Building Materials 2,603.04
Labor
Vacation Pay 920.00
Hardware -160.00
Shop Labor 36,261.75
Labor - Other 4,120.00
Total Labor 41,141.75
Total Direct Job Costs 43,744.79
Other Cost of Goods Sold
Freight/Shipping 328.72
Shop Supplies 975.75
Other Cost of Goods Sold - Other 3,198.13
Total Other Cost of Goods Sold 4,502.60
Cost of Goods Sold 7.28
Total COGS 48,254.67
Gross Profit 96,301.02
Expense
Late Fee 0.00
Medical 2,003.67
Fixed Expenses Allocated to Job 588.81
Business Licenses & Taxes -0.54
NEEDS REVIEW 36,233.06
Delivery Fee -1,525.00
Advertising and Promotion
Fuel Expense 2,214.46
Advertising and Promotion - Other 199.15
Total Advertising and Promotion 2,413.61
Automobile Expense 946.11
Bank Service Charges 38.78
Computer and Internet Expenses 495.19
Dues and Subscriptions 35.00
Insurance Expense 2,323.54
Interest Expense 544.48
Meals and Entertainment 766.99
Office Supplies 253.64
PayPal Service Charge 2,101.01
Postage and Delivery 21.10
Professional Fees 4,311.00
Rent Expense 6,900.00
Repairs and Maintenance 221.76
Taxes, Licenses & Fees 93.00
Sales Tax 3.70
Telephone Expense 1,260.77
Tools and Equipment 418.91
Utilities 893.79
Waste Disposal 192.10
Total Expense 61,534.48
Net Ordinary Income 34,766.54
Net Income 34,766.54
The NEEDS REVIEW are mainly COGS that have not been allocated yet. I send all receipts to my accountant and he enters them and scans them however I'm way behind getting them to him. There may be some meals and entertainment expenses in there. The Net Income basically is what we've paid ourselves through draws. We have many, many leaks in our business that we need to fix and we're working on them. One of our guys just quit and that will save about $3000 per month. My husband is taking over his job and working longer hours which going to make a huge difference. I'd rather not talk about what we actually do for a living because I'm afraid someone will recognize us lol! I am know, I'm weirdo.
Personal P&L Jan 1 - Jul 3, 18
Ordinary Income/Expense
Income
Household Sales 1,049.72
Interest Income 0.04
Business 20,238.03
Total Income 21,289.74
Gross Profit 21,289.74
Expense
Auto Expense -1.65
Bank Charge 33.00
Beauty 132.11
Clothing 751.97
Coffee 66.29
Dining 1,402.48
Litigation Expenses 71.95
Energy Drinks 102.98
Entertainment
Alcohol 2,001.51
Movies on Demand 47.87
Entertainment - Other 251.86
Total Entertainment 2,301.24
Fast Food 903.74
Garden Boxes 5.27
Gifts
Birthday 132.69
Gifts - Other 75.62
Total Gifts 208.31
Groceries 1,854.59
Health Insurance
Kids Health Ins. 300.00
Total Health Insurance 300.00
Home Improvement 344.68
Household 988.19
Interest Expense 1,374.38
Late Fee 64.00
Life Insurance 163.32
Etsy 4.94
Medical Expense
OTC Meds 33.79
Medical Expense - Other 45.00
Total Medical Expense 78.79
Needs Review 7,151.70
Personal Care 39.13
Pet 235.09
Sales Tax 15.11
Snacks 160.84
Subscriptions 90.15
Toiletries 23.23
Utilities
Water & Sewer 101.02
Utilities - Other 1,089.14
Total Utilities 1,190.16
Vitamins
Curcumin 14.41
Vitamins - Other 6.44
Total Vitamins 20.85
Biz Expense 1,835.94
Total Expense 21,912.78
Net Ordinary Income -623.04
Other Income/Expense
Other Income
Rewards 779.04
Total Other Income 779.04
Net Other Income 779.04
Net Income 156.00
Again, the NEEDS REVIEW category needs to be allocated but I can tell you for the most part it consists of groceries, dining, alcohol, and other misc. BS that we don't need. I have been slammed with my regular job and trying to make sure that we have everything in order for our audit which means locating and printing every single receipt for 2016.
Personal Monthly Expenses
01st - Cap One - Platinum $36.00
01st - Wayfair $26.00
01st - PAYPAL CREDIT - HUBS $40.00
02nd - Paypal Mastercard $200.00
04th - Overstock $30.00
07th - AMEX $35.00
07th - CheapOair $80.00
07th - Paypal Credit - Me $0.00
08th - Chase Freedom $26.00
08th - Nelnet $20.00
08th - Electric $128.00
09th - Cap One - Hubs $35.00
11th - Belk $90.00
11th - Kohls $75.00
12th - Haverty's - Promo ends 8/20/18 $60.00
16th - Cap One - Me $25.00
16th - Mortgage $996.00
16th - Water Bill $20.00
21st - Walmart $140.00
23th - Gas Bill $56.00
25th - Amazon Prime $50.00
27th - Chase Amazon $28.00
28th - Discover $92.00
28th - Life Ins. $27.77
30th - Dad $50.00
30th - Gainesville Emerg. $5.00
30th - Hospital $10.00
30th - KHELSC $10.00
TOTAL $2,865.77Business Monthly Expenses
01st - Internet $79.49
01st - Rent $1,150.00
02th - Payroll $920.00
06th - Geico $280.83
07th - Paypal Credit - Me $50.00
09th - Care Credit -Hubs $30.00
09th - Home Depot $149.00
09th - Payroll $920.00
12th - Farm Bureau Card $25.00
12th - Paypal MC - Biz $293.17
12th- Liability Ins. $86.44
13th - ATT $164.40
16th - Payroll $920.00
19th - Chevron $325.24
19th - Truck $170.00
20th - Sales Tax $1,200.00
22nd - Office Depot $30.00
23rd - BOA $100.00
23rd - Payroll $920.00
24th - Synchrony $175.00
24th - Kauffman Tire $0.00
25th - Electric $172.52
27th - Lowes $245.00
30th - CPA $400.00
30th - Honda $300.00
TOTAL $10,901.09