In Boulevard you can enter and track business-related expenses and other income, assign categories, and view monthly expense and income totals. An abundance of report options are available to you too, so you can provide your accountant or tax preparer with the information they need.
Boulevard comes preloaded with some commonly used expense and income categories. You can change these categories and add new ones at any time so that you can customize to meet your specific needs. For example: maybe your accountant wants your commission checks broken down to show personal recruit and unit commissions separately.
If you or your accountant decide to delete a category that has expense or income transactions assigned to it, those entries become unassigned. Having each transaction properly assigned to the applicable expense or income category helps to ensure complete and accurate records for tax purposes at the end of your tax year.
You can also export expense and income information from Boulevard to financial software packages that accept QIF files such as Quicken®. Any software that can accept this file type will work with your tax or financially pertinent Boulevard information. See Exporting to financial software in the Help menu for complete instructions.
Writing things off, or expensing them, is a normal part of running a business. Examples of writing off Section 1 products for your business can include lost or damaged product you have shipped to a customer and old or expired product. Your Boulevard Help menu has additional examples in the topic: Using section 1 items as demos.
When you have a situation that occurs where you need to write-off a Section 1 item, there are several key components you should consider to ensure your records are kept accurately. First, the product needs to be removed from inventory – usually handled by entering an invoice. Second, the item should be shown as a loss. In Boulevard, this means entering an expense transaction. There may be more than one way to handle such a transaction, but here are the steps we recommend using the example of an expired product. Please refer to your accountant or tax advisor for additional information, further clarification, or their recommendation.
Invoice the product to your Business Supplies customer at 50% off (or the applicable discount for your country) and tax on the retail value.
Mark the invoice as Paid.
In the Note field, type Expired Product.
Print the invoice.
Create an expense transaction using Business Supplies as the Payee, and Old/Expired Product as the category – or the one recommended by your accountant.
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Your Boulevard software Help menu has a fantastic article on this topic. To locate the article, go to Help, click on Contents, then Business Tips. Select Using Section 1 Items as Demos.
To begin, enter all Section 1 items on an invoice that are being used for demos (E.g. Day Solution).
Invoice your Business Supplies customer, which is primarily used for write-off purposes.
Mark the invoice with a 50% discount and paid in full (Cash/Check). No money actually changes hands as your business already purchased the product.
Print the invoice and you’re ready to expense these items.
Create a New Expense and enter the amount of the invoice under a category called Supplies (COG).
File your receipt with your tax records and your done!
If you or your accountant decide to delete a category that has expense or income transactions assigned to it, those entries become unassigned. Having each transaction properly assigned to the applicable expense or income category helps to ensure complete and accurate records for tax purposes at the end of your tax year.
No money actually changes hands as your business already purchased the product.
Create a New Expense and enter the amount of the invoice under a category called Supplies (COG).
