💰 Finance Setup Tutorial

7 animated steps to set up accounts, vendors, expenses, revenue, and OCR receipt scanning.

Finance Setup

Set Up Finance Tracking in 7 Steps

Bank accounts, credit cards, vendors, payors, expenses, revenue, and receipt scanning — all in one place.

💰
Welcome!
Here's what we'll cover:
1
Add bank accounts
2
Add credit cards
3
Set up vendors
4
Set up payors
5
Log an expense
6
Log revenue
7
Scan receipts (OCR)

Add Account

Account Name
Chase Checking
Account Type
🏦 Checking Account
Starting Balance
$2,450.00
💡 Your starting balance sets the opening entry in your Chart of Accounts.
Save Account

Add Account

Account Name
Business Visa
Account Type
💳 Credit Card
Current Balance
$780.00
YOUR ACCOUNTS

Vendors

Add Vendor
Chevron Gas Station
+ Add Vendor
YOUR VENDORS

Payors

Add Payor
DoorDash
+ Add Payor
YOUR PAYORS

Add Expense

Account
Business Visa 💳
Vendor
Chevron ⛽
Amount
$54.32
Category
Gas & Fuel
Date
Apr 4, 2026
Save Expense

Add Revenue

Deposit Account
Chase Checking 🏦
Payor
DoorDash 🚗
Base Pay
$87.50
Tips
$34.25
Total$121.75
Tip %39.2%
Save Revenue

Scan Receipt

📸
Receipt Scanned!
Auto-detected 3 fields
DETECTED FIELDS
VendorAutoZone ✓
Amount$47.89 ✓
DateApr 3, 2026 ✓
Review the auto-filled fields, then save.
Save Expense with Receipt
★
Welcome to Finance Setup
In this tutorial, you'll walk through 7 steps to set up accounts, vendors, payors, log expenses and revenue, and scan receipts with built-in OCR — everything for complete business accounting.
1
Add Bank Accounts
Open Finance → Chart of Accounts → Add. Create your checking, savings, or cash accounts with a starting balance. This is where your money flows in and out.
📍 Finance → Chart of Accounts → Add
2
Add Credit Cards
Add credit cards as separate accounts. Track business purchases on your card separately — TrakMiles shows the balance as a liability so your books stay accurate.
📍 Finance → Chart of Accounts → Add
3
Set Up Vendors
Add the places where you spend money — gas stations, phone company, insurance, repair shops. When you log an expense, just pick the vendor from your list.
📍 Finance → Vendors → Add
4
Set Up Payors
Add the platforms and clients that pay you — DoorDash, Uber, Instacart, or private clients. Revenue entries link to payors for accurate income tracking by source.
📍 Finance → Payors → Add
5
Log an Expense
Tap the + button, select Expense, pick your account and vendor, enter the amount and category. Every expense creates a double-entry journal entry automatically.
📍 Finance → Expenses → + Add
6
Log Revenue
Select Revenue, pick a payor, enter base pay and tips separately. TrakMiles calculates your tip percentage and feeds everything into your P&L and tax reports automatically.
📍 Finance → Revenue → + Add
7
Scan Receipts with OCR
When adding an expense, tap the camera icon to snap a photo of your receipt. TrakMiles uses OCR to auto-detect the vendor, amount, and date — review and save. No more manual entry.
📍 Expense → 📸 Camera → Auto-detect

Why Finance Tracking Matters for Gig Workers

Every dollar you spend on your gig business is a potential tax deduction. But the IRS requires documentation — you need to show what you spent, where, when, and why. TrakMiles Pro gives you a complete double-entry accounting system designed specifically for independent contractors.

By setting up your accounts, vendors, and payors upfront, every expense and revenue entry flows into your P&L, Schedule C, and tax reports automatically. Add OCR receipt scanning and you've eliminated manual data entry entirely.

All Gig Deductions 2026 Phone & Home Office P&L Statements Schedule C Guide Lower SE Tax Car Deductions 2026 Top Tax Mistakes

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