Is there a way to track an accounts receivable item on a Tiller sheet? Specifically, one example might be you file a tax return and you expect a tax refund in the amount of 10k. Is there a way to record that in tiller so you dont forget it? what about a debt someone owes you?
For the tax refund, we have a category called, “Federal Tax Refund,” an Income Type, where, once we have an estimate of the refund and its expected arrival, we budget for it. Then assign the deposit to the Category to track its receipt.
For temporary cash-in and out transactions, we use a category called, “Pay/Repay.” For example, our son rents movies on Amazon and then pays us back once a month. The Amazon transactions and his cash deposits (Venmo transfers!) both use this category. There is no budget for this category, and we work to a zero balance.
Tiller’s Category Tracker tool is great to reconcile this kind of transaction activity.
I assume you want to track these items on the balance sheet. Create a manual account on the accounts tab and add a row for it on the balance history tab. Add a new row on the balance history tab every time the balance changes.
Example: You loan 10,000 to Dan on 01-01-20. He will pay you back half on 06-30-20 and half on 12-31-20. On the balance history tab, show 10,000 on 01-01-20, show 5,000 on 06-30-20, and show 0 on 12-31-20.
I haven’t found the ideal way to do this leveraging the “standard” Tiller sheets yet, but for tracking miscellaneous income and expenses before they hit I have a separate sheet where I list these. The main data points I care about in this sheet (named “Other Exp. Income/Expense”) are Description, Category, Account, Expected Amount (positive for receivables, negative for payables), and Expected Date. I tend to overcomplicate things so in my actual sheet there’s a lot more but that’s all you really need.
I then combine data from a custom Budget sheet (standard Categories version didn’t meet my needs), my Balance Sheet, and the above mentioned sheet to do some cash forecasting (I run my primary checking account as close to zero, putting as much into savings as possible, because I find the psychological pain of pulling money OUT of a savings account is the best expense management for me).
thanks - i dont know how to do balance sheet accounting yet but will keep this in mind