Go to the Account List.
Click the Export icon 
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The WorkingPoint Schedule C report displays your account activity according to the IRS Schedule C tax categories that you select for each account in an applicable account type. Applicable account types include Revenue accounts, Expense accounts, Cost of Sales accounts and Other Income and Other Expense accounts. The account types are limited to these because, like the Income Statement, the Schedule C tax form reports the profit or loss earned through your business and these are the accounts types that are used to determine profit.
Accounting Equation for Determining Profit/Loss
Income - Cost of Sales - Expenses + Other Income - Other Expenses = Net Profit/Loss
We've gone ahead and assigned a category for the pre-defined set of accounts in your default Accounts List but you can change them if you want. Our pre-defined set of accounts does not include a straight one-to-one mapping to the Schedule C reporting categories. So, if there are categories you want to assign to an account but it isn't in the list, you can add it.
To view the selected reporting categories for your accounts:
Go to the Account List.
Click the Export icon .
The Accounts List export includes a column named Schedule C Tax Category. Here you will find the name of the IRS Form Schedule C tax line that has been selected for each applicable account.
To change the reporting category:
Go to the Accounts List.
Hover over the account you want to change and click Edit.
Select a new reporting category for the account or if the account is not tax-related, select "None" and the activity in that account will not appear on the Schedule C report.
When adding a new Expense, Revenue or Cost of Sales account to your Accounts List, you will see that WorkingPoint preselects a reporting category for you. We have defaulted the category to the "Other" category per account type. But we recommend that you review the choices and select the category that best suits the activity you will record in the account. If the account is not tax-related, select "None" and the activity in that account will not appear on the Schedule C report.
For specific information on completing the Schedule C form, visit the IRS website.
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Important Note: The WorkingPoint Schedule C reports only the activity you have entered into your WorkingPoint account based on tax line assignments you have selected. It is highly recommended that you review your tax line assignments and current tax rules with your tax advisor and make adjustments to line amounts before you file your final tax form. |
How do I read the Schedule C report?
