How to track income and expenses in separate lists
Create one list for income and another for expenses in SpendLists. Give the lists the same period and choose the corresponding list type for each. Log incoming payments in the income list and costs in the expense list. Before comparing the recorded totals, check that the dates, scope and currency match.
Set the same period for both lists
For a fictional freelance studio, name the lists Studio income May and Studio expenses May. Define the period the same way for both, such as May 1 through May 31. Decide which project or work the pair covers so the two lists answer related questions.
In SpendLists, choose the Income type for the first list and Expense for the second. Use the same currency for the two sample entries. A date in a list name helps you identify it later, so also check the individual dates when adding items.
Record the two kinds of entries
Suppose a client pays USD 450 for an illustration on May 10. Add that payment to Studio income May with a name that identifies the job and the date you received it. If you paid USD 35 for a print proof on May 12, enter that cost in Studio expenses May.
Use descriptions you can recognize when reviewing the records. For this exercise, the lists contain payments that actually happened during May. A draft invoice due in June belongs outside this example until you have a received payment to record.
- Open the list that matches the direction of the payment.
- Enter a recognizable description, the amount, currency and date.
- Check that the item appears in the intended list.
Compare the recorded amounts using the same currency
Review each list for the same dates and scope. In the example, the recorded May income is USD 450 and the recorded May expense is USD 35. These numbers answer what you entered for that period. Check the source of any amount that looks unfamiliar before using it in a comparison.
SpendLists can retain amounts in their original currencies. If another entry is in a different currency, review it separately. A number in euros and a number in dollars represent different units. Keep each currency visible while checking the totals.
Check a few entries before you finish
Look for entries in the wrong list, outside the period or entered twice. If the print proof appears under income, correct the record so the cost is represented once in the expense list. Read the description and date again after correcting it.
Start a new pair when your review period changes, or keep a consistent project scope if that fits how you work. For a later check, open the named lists and confirm which records contribute to each total.
Questions
Can the list names include a project as well as the month?
Yes. Use the same project name and period on both lists so their scope is clear when you compare them.
Where should a client payment go?
In the income list for the period you chose to track. Include the date, amount and a description you can recognize later.
Can I compare one list in dollars with another in euros?
Review the amounts in their original currency. Compare values directly when they use the same unit and cover the same period and scope.