Home Forums Money matters Bookkeeping dilemma 1st – 31st or weekending?

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  • #999989
    • Total posts: 9

    I’ve had my service business for just under two years now and I record all transactions in a turnover excel sheet. My problem is, when I calculate pays, my pay week is Friday to Thursday. HOWEVER, When I calculate months endings I tend to calculate turnover and expenses from the 1st – 31st. This information often overlaps as I have to calculate two seperate sheets, one for turnover for the month and the other for the work week only.

    Just say, that the 1st begins on a Wednesday. Do I include Wednesday in Last months profits because technically the new work week has not begun yet? And start the turnover from Friday the 3rd? or do I start it on the 1st regardless?

    What do you guys do? I am a bit confused by this. When I calculate everything from 1st to 31st regardless of the day, it does not match up with my wages. My spreadsheets are broken down by months.

    Just say the 31st of January is a Tuesday. Do I include this in January spreadsheet or February?

    Dave Gillen – FS Concierge
    • Total posts: 2,554

    Hey [USER=116814]@Tmfield[/USER],

    I have no idea, but I guess it depends how important it is for the numbers to match.

    If using the weekly/monthly for different purposes they may not have to match exactly (say you use weekly for wages, and monthly numbers to track business performance).

    Hopefully some of our members can share what they do. :)


    Dave Gillen - Client Acquisition | Brisbane | (07) 3180 0288
    • Total posts: 9

    Thanks! I do use the 1st to 31st for turnover. I guess I have to remember to use the wage calculations from the 1st to 31st as well.

    Jason Ramage
    • Total posts: 3,162


    Not sure i understand the full depth of the query, as it appears to be only for your own records as such and not lodgements of anything overly important?

    If this is the case, technically if you want to run your monthly sheet, you would need to do daily wages for the same days so no overlapping occurs.. If you pul from the week before or the week after, your figures will be out.. In my opinion, it does sound like you need a daily calculation to do this..

    For my figures, i tend to do a quick (non official) tabulation every Friday after i send accounts off etc etc which coincides with wages as well..

    Happy bookkeeping..


    Jason Ramage | Lucas Arthur Pty Ltd | E: hello@lucasarthur.net.au   P: 61 3 8324 0344    M: 61 412 244 888
    • Total posts: 9

    Daily sounds great! That will make it easier. Then I can use two formulas in excel, one for 1st to 7th and one from.start of pay week to end.

    • Total posts: 4,485

    Must admit I’m confused what you are after. If you want to treat wages on that basis, you also need to treat debtors, but do you include them when you invoice them, or when they pay you.

    Personally I think you are overthinking it, and should just take it at what has being paid at the end of the month, and not worry about that overlap period.

    • Total posts: 9

    Thanks yes I think I am overthinking it

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