In conjunction with my August balance sheet, here is my August income statement, followed by some notes.
First of all, the Employer Benefit category is listed as a credit because I believe I’ve been recording this incorrectly. The amount is coming from the health and dental insurance expenses deducted directly from my paycheck. I believe these should be categorized as an Insurance expense, so I’ll get around to fixing that sometime during the month.
My Interest Income was higher than average this month due to several referral bonuses from ING Direct. The Other Inc category for this month is where I recorded the revenue from online book sales and some quasi-volunteer work I performed for the New York Philharmonic. The previous month amounts also includes work I’ve done for Reid Sound.
The Other Inc, Bus account includes advertising revenue from a variety of websites (including Consumerism Commentary and Services includes web-related work performed for clients. For some reason, several invoices are not showing up in this account although they appear to be recorded correctly.
The Realized Gain category comes from my 401(k) plan in which one of the funds changed. The company sold my shares in the old fund and purchased shares in the new fund. I don’t think this will affect tax issues, but I think it’s misleading for the almost $3,000 to appear as income.
The $13 Charity expense is part of a quarterly payment to a non-profit I support, where I also volunteer. In fact, that organization will keep me busy almost every weekend this fall. It’s amazing how I find time for these things. My Entertainment expenses saw a sharp increase this month mainly due to the drum corps shows I attended.
The $40 Bank Charge from July is from a poorly timed deposit-withdrawal sequence that caused me to overdraw my checking account. That won’t happen again.
Online Sales is the expense category where I record Amazon.com’s fees for selling books online.
The Pet Care cateogry probably isn’t accurate because pet food and cat litter are often lumped into my Groceries expense. After I go shopping, I don’t usually find it worthwhile to categorize the entire receipt.
Lastly, the $400 vacation expense was planned for and fully covered by cash.
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