💰 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)

What Are the 7 Steps?

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

Finance tracking has seven steps: add your bank accounts, add credit cards, set up vendors, set up payors, log an expense, log revenue, and scan receipts with OCR. Setting up vendors and payors first is what makes everything after it fast, the same habit behind a weekly money routine, because each transaction then attaches to a known party instead of free text. Categorised expenses and revenue are what build a profit and loss statement that maps straight onto Schedule C.

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.

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Frequently asked questions

What is the difference between a vendor and a payor?

A vendor is someone you pay — a fuel station, a parts supplier, an insurer. A payor is someone who pays you, such as a delivery platform or a client. Setting both up in advance means each transaction attaches to a known party rather than typed text.

Do I need to add my bank accounts?

No, it is optional, but adding accounts and cards lets you assign each expense and payment to the right source. That is what makes your books reconcile and what separates business money from personal.

How does receipt OCR work?

You photograph a receipt and the app reads the merchant, date and amount, then creates the expense for you. You confirm the category before it saves, and the category is what puts it on the right Schedule C line. It removes the typing, which is the step people abandon first.

Can I log revenue from more than one platform?

Yes. Each payor is tracked separately, so you can see what each platform actually paid you and compare them. That per-platform view is what tells you which work is worth keeping.

How does this connect to my tax return?

Expenses and revenue recorded by category build your profit and loss across the year, and those categories line up with Schedule C. Filing becomes transcription rather than reconstruction.

🚗 Free Revenue Tracker Spreadsheet — see what you actually earn. Miles, hours, revenue & P&L across every app you drive. Built by a multi-app driver.
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