The column titled “One Source Manager” on the right upper
side of the home page displays most of the site’s features. Review
the list of features. You can open any of these features during use of
Before you get started, go to "My IBO Profile"
and under Business Management, set the year of operation that you will
be using for your business. Then navigate the various features
of the site so that you know what it has to offer. You should check all
of these features from time to time for updates and changes as the site
will be constantly evolving.
You will need to purchase a three-ring, 8.5" x 11" binder and
eight tabs or dividers to go in it.
The tabs should be labeled as follows:
- General Ledger
- Profit and Loss Statement
- Business Plan
- Budget Variance
- Business Boosters
- Automobile Expense
- Home Office Expense
The General Ledger, Profit and Loss Statements should be printed and
filed monthly. The Business Plan and Budget Variance reports should be
printed and filed each time one is completed. Business Boosters, Automobile
Expense, Home Office and Equipment Schedules should be printed and filed
at the end of the year.
Watch the video on the home page.
Open and read “IBO Bookkeeping 101,”
“Direct Seller Audit Technique Guide”
and “Integrity” and read them
CAREFULLY, as they contain information that helps you understand tax compliance
rules for direct sellers. These features are displayed in the “One
Source Manager” on the upper right side of the home page.
Complete your IBO Business Plan, print and place in your “Binder.”
You may revisit and edit your business plan at any time.
My IBO Bookkeeper is your monthly bookkeeping system. Open “Getting
Started" at the top of the home page.
Its individual features are also displayed in the lower right hand portion
of the home page for your convenience. You may open any of these features
at any time during the use of the site.
Be sure to review the “Instructions” for each category
The IBO Bookkeeper contains individual sections for entering income and
expense items related to your business as well as a “General
Ledger” and a “Profit and Loss Statement.”
You should make practice entries in each of these categories until you
are comfortable with all of them. These entries can be deleted by using
the edit function in each category and when you do so they will automatically
be deleted from the general ledger and P&L statement.
The other categories simply require entering a date, reference (i.e. check
number, last four digits of a credit card number, etc.) and an amount.
After you have completed your practice entries, open the “General
Ledger” and scroll through it.
The general ledger provides a detail listing of all your entries by income
and expense categories. The general ledger is a very helpful management
tool for your business. Reviewing it on a regular basis allows you to
analyze your business’ income and expenses by category.
It is also a very helpful tool when assembling records for a Federal or
State tax audit.
Your general ledger data is automatically transferred to your “Profit
and Loss Statement.”
You should print your "General Ledger" on a
monthly basis and put it in your binder.
Next open your “Profit and Loss Statement.”
The profit and loss statement is a monthly and year-to-date statement
that reflects your business net profit or loss. This statement is a great
management tool and should be reviewed at least monthly.
You should also print this statement on a monthly basis and file it in
Go to IBO Bookkeeper and pull up "Automobile Expense."
Go to Auto Assets and enter the description of each auto
you will be using in your business.
Each month, when you enter mileage information, you will do it by individual
automobile. The system will track automobile expenses by each individual
auto and will combine the deduction into one number in your Profit and
Pull up "Equipment" section in your IBO Bookkeeper.
Read the instructions and make appropriate entries.
You only enter date, description and amount here when you purchase or
dispose an asset such as an auto, computer, fax machine, etc.
Your tax return preparer will use this data to calculate depreciation,
gain/loss on sale, etc. This system will not do these things.
Pull up "Office in Home" section in My IBO Bookkeeper.
Go to Home/Office Calculation and enter the appropriate
data for your home.
If you rent, simply enter the square footage data only.
Pull "Purchases/INV/COG" in My IBO Bookkeeper. Most
of us no longer carry an inventory due to direct fulfillment. If this
is the case for you, don't worry about beginning or ending inventory.
If you only order product or business support materials after they are
ordered from your downline or customer, you will enter these items in
If you do carry inventory, pull up "Inventory" and enter
your beginning inventory. Now and then, enter ending inventory at the
end of the year.