Sole Proprietor Daily Tracker

The Sole Proprietor Daily Tracker is a practical Excel-based recordkeeping system designed to help Canadian sole proprietors keep their business activity organized throughout the year.

Instead of trying to reconstruct everything at tax time, you can record transactions as they occur, identify missing support and maintain a clearer record for month-end review and your year-end conversation with a tax preparer or accountant.

Use the tracker to:

• Record business income and expenses
• Separate business activity from owner contributions and withdrawals
• Track expenses paid personally by the owner
• Record GST/HST collected and paid
• Track invoices and outstanding customer balances
• Identify transactions with missing receipts or invoices
• Flag uncertain items for professional review
• Review monthly and year-to-date results
• Keep source-document details connected to each transaction
• Organize expenses using consistent T2125-aligned working categories

Your download includes three coordinated resources:

1. Sole Proprietor Daily Tracker: The Excel workbook used to record and review your business activity throughout the year.

2. Sole Proprietor Daily Tracker User Manual: Step-by-step guidance explaining how to set up the workbook, enter transactions, complete regular reviews and prepare cleaner records for year-end.

3. Sole Proprietor Expense Categories Reference: A practical guide to the expense categories used in the tracker, including category codes, common examples and guidance on when an item should be flagged for professional review.

The supporting materials use examples from Sarah, a fictional Canadian sole proprietor. Her transactions demonstrate how to record client revenue, processor fees, owner-paid expenses, missing invoices, unpaid customer invoices, wages, prepaid insurance and possible capital purchases.

This package is intended to support practical recordkeeping and informed professional discussions. It does not determine deductibility, GST/HST input tax credit entitlement, payroll treatment, capital cost allowance or the final position reported on a tax return.