Tracking business and personal expenses effectively is crucial for managing finances. FarmRaise offers a streamlined way to categorize and track expenses, ensuring you stay organized and maximize your financial health. Here’s a comprehensive guide on how to use custom categories on FarmRaise for personal expenses.
Access Tracks:
Navigate to the expense tracker tool to help you log and categorize various expenses.
Creating Custom Categories for Your Personal Expenses:
FarmRaise allows you to create custom categories for your expenses. This feature is particularly useful if your financial tracking does not align with the standard IRS Schedule F categories.
To create a custom category, go to the "Categories" section of the expense tracker.
Click on "Add" in the top right-hand corner and name it according to your specific needs. For example, you might create categories such as “Household Utilities,” “Groceries," or "Entertainment."
Assigning Transactions to Categories:
When you enter a new transaction, you will have the option to assign it to one of your custom categories. Simply choose the appropriate category from the dropdown menu.
For personal expenses, assign them to categories like “Personal Entertainment,” “Medical Expenses,” or “Education.”
Seeing Only Your Personal Expenses
You can then head to "Income Statement" to see the totals of your personal expense or revenue categories.