Problem
Recording Freelance Income and Expenses Professional Freelance workers must accurately track their income and expenses in order to comply with tax requirements. They can also use this tracking to determine which method of income reporting is most advantageous for them from a tax perspective. Income and expenses should be tracked by month, and consolidated quarterly and yearly.
Part 1: Use the concepts and techniques presented in this chapter to create a workbook that includes four quarterly sheets and a consolidated annual sheet for a freelance business. You can create additional sheets for monthly income and expense tracking or include monthly information on the appropriate quarterly sheet. Use dummy data in the workbook, formatted appropriately, to show a freelancer how the workbook would look with real data entered in it. Submit your assignment in the format specified by the instructor.
Part 2 How did you create your workbook? Did you start with a master sheet and create quarterly sheets from it? Or did you start with quarterly sheets and consolidate into a master sheet? Explain your reasoning for your approach.