finances.qmd

---
title: "Finances"
---

R for the Rest of Us finances are managed using QuickBooks. 

We do the following tasks in the first week of each month: 

[Categorize and approve all expenses in QuickBooks](https://app.qbo.intuit.com/app/banking): If unclear on category, first look at previous months. If still unclear, ask David.

[Send invoices to clients with QuickBooks](https://app.qbo.intuit.com/app/invoices): Time should be checked on [Toggl reports](https://track.toggl.com/reports/summary/3434156/period/prevMonth) and an invoice should be generated for each client. Some projects are billed hourly while others are billed at a flat rate (details are in the associated Todoist tasks). 

**Pay contractors with Gusto:** All contractors will submit an invoice each month. They are then paid with Gusto. 

## Quarterly Tasks

Each quarter we reconcile accounts in QuickBooks. This is done by getting statements from both Advantis Credit Union and Mercury and then entering balances [here](https://app.qbo.intuit.com/app/reconcile). This compares the balances in my bank accounts to those in QuickBooks to make sure everything matches up.

We also pay course instructors each quarter. To calculate the amount to pay them, run [this code](https://github.com/rfortherestofus/rru-finances/blob/main/R/pay-instructors-and-1percent.R) (update the `date_last_run` variable first), which will give you a report of who is owed what. Each instructor gets an advance so they only start receiving commissions when they earn more than the advance. 

## Annual Tasks

We send out 1099s to all contractors by Gusto. I've set Gusto up to make sure this happens, but we should check to confirm this in mid-January.