Payment Reconciliation
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Use formulas.
The basic things I track are:
(A) Shop Date
(
Assignment ID & Project Name
(C) MSC
(D) Scheduler / Editor Contact
(E) Fee
(F) Expense Limit
(G) Actual Expenses (with note on what they consisted of, in case I had non-reimbursable additional expenses like parking).
(H) Payment Received (with checking number and / or invoice number)
(I) Payment Date
(J) Start Mileage
(K) End Mileage
From there, I created formulas to calculate the following:
(1) Payment Turnaround: (I) - (A)
(2) Estimated Payment, so I can compared what I received vs. what I was promised: (E) + (G). Formula is a little bit more complicated because it accounts for three different scenarios: Flat rate fee, fee + reimbursement limit or reimbursement only
(3) Net Pay, which is useful to track expenses you can deduct from your taxes: (H) - (G)
(4) Travel Cost per IRS rate: [(J) - (I)] * 0.56
(5) Net Pay Including Travel Cost: (3) - (4)
Finally, I created a drop-down menu that gives be an idea on the assignment status:
"Not Completed"
"Completed"
"Submitted Report"
"Accepted / Rejected"
"Paid"
I use this format for each and every assignment I perform. Hope that made sense.
Edited 1 time(s). Last edit at 09/26/2014 06:55PM by Tarantado.
The basic things I track are:
(A) Shop Date
(
Assignment ID & Project Name
(C) MSC
(D) Scheduler / Editor Contact
(E) Fee
(F) Expense Limit
(G) Actual Expenses (with note on what they consisted of, in case I had non-reimbursable additional expenses like parking).
(H) Payment Received (with checking number and / or invoice number)
(I) Payment Date
(J) Start Mileage
(K) End Mileage
From there, I created formulas to calculate the following:
(1) Payment Turnaround: (I) - (A)
(2) Estimated Payment, so I can compared what I received vs. what I was promised: (E) + (G). Formula is a little bit more complicated because it accounts for three different scenarios: Flat rate fee, fee + reimbursement limit or reimbursement only
(3) Net Pay, which is useful to track expenses you can deduct from your taxes: (H) - (G)
(4) Travel Cost per IRS rate: [(J) - (I)] * 0.56
(5) Net Pay Including Travel Cost: (3) - (4)
Finally, I created a drop-down menu that gives be an idea on the assignment status:
"Not Completed"
"Completed"
"Submitted Report"
"Accepted / Rejected"
"Paid"
I use this format for each and every assignment I perform. Hope that made sense.
Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!
Edited 1 time(s). Last edit at 09/26/2014 06:55PM by Tarantado.
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