Home Provider Expenses

To navigate to the Expense section click Accounting in the Navigation panel then Expenses. In this section you can record Business Expenses, data required for your Time and Space Calculation, as well as Mileage and Large Inventory items. 

Business Expenses 

  1. Search
    • Start entering in any data found on the invoice(s) you're looking for to automatically filter the search results
  2. Filters
    • Date or Date Range
      • When the income was received
      • Select a date or date range on the calendar​​​
    • Category
      • Select the expense category for the expense line item you're looking for
      • This list will include custom categories that have been added
    • Amount
      • The amount of the Expense line item
      • Select =, < or >
    •  Subtotal 
      • This will filter expenses based off of subtotal when Business Expense % is applied 
    • Business Use
      • Actual Business Use
      • 100% Business Use
      • Time/Space %
      • 100% Personal 
      • Shared Business & Personal
      • 50% Business Use
  3. Export
    • Export data to an Excel or CSV File
    • Only the data currently being populated based on the selected filters and columns will be exported

Add Expense

  1. Category
    • Custom
      • If one of the standard categories does match your expense you can add a custom category by clicking + Custom Field button at the bottom of the category list
        • After adding a custom expense type you can click the Edit button to edit it or trash icon to delete it from this list

          Note: If you delete a custom expense type in the Category list it will not delete or make any changes to expenses related to that custom field

    • Select the most applicable category related to your expense
  2. Date
    • The date the expense was charged
  3. Paid To
    • The source of the expense
  4. Amount
    • The total amount of the expense
  5. Business Use
    • 100% Business Use
    • Actual Business Use
      • This allows you to manually enter what % of this expense is for your business
    • Time/Space%
      • This will use your Time/Space calculation to determine how much of this expense should be considered business use
  6. Recurring
    • Yes
      • Select how frequently this Expense should show up as a new line item
        • Weekly
        • Every Other Week
        • 2x Monthly
        • Monthly
        • Yearly
        • Custom
    • No
      • This line item will only be populated once
  7. Save or Save & Add Next Expense

Editing Expense

  1. Once you have saved a new line item you can always go back and edit it by clicking on the line item in the Expense search page

  2. Delete
    • Delete this line item
    • This action cannot be undone
  3. Recurring Income
    • To update future recurring income or stop recurring income from being added in the future select the line item then turn recurring Off

Time/Space Calculations

Your Time/Space percentage represents the proportion of your home that you use for business purposes. You use this figure to determine how much of your shared business and personal expenses can be deducted as a business expense.

This calculation is made up of 3 different inputs:

  • The space you run your business in
  • The hours children are present in your home
  • The hours children are not present when you are still working (i.e. cleaning, doing laundry, logging into Parachute!) 

The Time/Space Formula = Exclusive Space % + (Regular use area space % x Time %)

After you enter all of your data in Parachute will do the calculation for you!

  1. Enter Space

    Note: If you are not sure what parts of your home should be considered Business Use or Regular Business use please reach out to your tax professional 

    • Total sq. ft. in your home
      • How large is your home in total
    • Sq. ft. of rooms used exclusively for business
      • This space is only used for business
    • Sq. ft. of rooms used regularly for business
      • This space is for both business and personal use
    • Business Start Use
      • When did you start using this space for business
    • Business End Use
      • If you no longer use this space, when did you move?
    • Add New Space
      • If you have moved, added an addition to your home, or changed which rooms are business use you can add a new space by clicking here
  2. Child Present Hours
    • There are three ways to enter in Child Present Hours:
      1. Manually
        • If you know how many hours you had children present during a month simply type in the number
      2. Use Attendance Records
        • Click the Use Attendance Records button
          • This will automatically pull in the hours/minutes recorded for the month selected from checking Children in and out on Parachute 
      3. Use Hours of Operation
        • Click the Hours of Operation button  
          • This will automatically pull in the hours/minutes calculated based off of your saved Hours of Operation settings. You can update these times by clicking the Edit button or in the Site Management sectionof settings
  3. Other Hours

    Note: The more data you enter here the more money you may save on your taxes. We recommend adding this data in regularly, don't wait till tax season!

    • This is time spent doing work related to your business when children are not present. This can include grocery shopping, cleaning, answering emails, and even the time you take to enter your data into Parachute
    • Search for hours entered in the past using the date range on the top
    • To add more hours:
      • Activity
        • Enter in what activity you did (i.e. laundry, cleaning, invoicing)
      • Hours/Minutes
        • Enter in the time spent for a particular activity
      • Enter in the day or days that these hours occurred (i.e. From 9/1-9/3 I spent 4 hours shopping)
      • Notes
      • Click Add More Hours to enter in all of your hours
    • Calculate
      • View your overall Time/Space calculation during a period of time 
      • To view more detail on how this percentage was calculated click the Tool Tip

Mileage

Record mileage for trips made for business purposes on the Mileage page. If you have set up vehicles on the Large Inventory page, you can assign mileage to a particular vehicle.

  1. Search
    • Start entering in any data found on the invoice(s) you're looking for to automatically filter the search results
  2. Filters
    • Date or Date Range
      • When mileage was incurred
      • Select a date or date range on the calendar​​​
    • Vehicle
      • ​If multiple vehicles have been added you can select mileage associated with a specific vehicle
    • Origin
      • If you have multiple origin points
    • Purpose
      • Reason for incurring mileage
    • Miles
      • Number of miles per entry
  3. Export
    • Export data to an Excel or CSV File
    • Only the data currently being populated based on the selected filters and columns will be exported

Add Mileage

  1. Click the Add Mileage button on the upper right hand corner of the screen under your name
  2. Date
    • Date mileage was incurred
  3. Vehicle
    • If you have multiple vehicles select the appropriate one from the dropdown
    • You can add vehicles in the Large Inventory section
  4. Origin
    • Where you trip began from
  5. Destination 
    • Where you drove to
  6. Miles
    • How many miles between origin and destination 
  7. Purpose
    • What was the purpose of the trip (i.e. buying groceries, taking children to park, etc.)
  8. Round Trip
    • Yes
      • Will take distance between origin and destination then double it
    • No
  9. Save or Save & Add Next

Large Inventory 

Use this section to track vehicles and other large purchases for tax purposes

  1. Search
    • Start entering in any data found on the invoice(s) you're looking for to automatically filter the search results
  2. Filters
    • Date or Date Range
      • When mileage was incurred
      • Select a date or date range on the calendar​​​
    • Item
      • A drop down of all added items
    • Purchase Price
      • The amount the item was purchased for
  3. Export
    • Export data to an Excel or CSV File
    • Only the data currently being populated based on the selected filters and columns will be exported

Add Large Inventory Item

  1. Click Add Large Inventory Item button on the upper right hand corner of the screen under your name and select Vehicle or Other Large Expense
  2. Vehicle 
    • Date
      • Date you purchased the vehicle
    • Vehicle Name
      • Nickname to identify vehicle
    • Make/Model
      • What kind of vehicle is it
    • Purchase Price
      • The price you purchased the vehicle for
    • Fair Market Value
      • The price the market would value the vehicle at
    • Mileage History
      • Odometer Start Date
        • The date you start driving the vehicle for work
      • Odometer Reading at Start
        • The odometer reading when you start driving vehicle for work
      • Odometer End Date
        • The date you stop driving the vehicle for work
      • Odometer Reading at End 
        • The odometer reading when you stop driving the vehicle for work
    • Save or Save & Add New Vehicle 
  3. Other Large Expensed 
    • Date
      • Date item was purchased
    • Item Name
      • Nickname to easily identify item
    • Item
      • What type of item is it
    • Purchase Price 
      • Price item was purchased at
    • Fair Market Value
      • he price the market would value the item at 
    • Save or Save & Add New Large Expense