Daily Record-Keeping (5 minutes per day)
Income Record:
| Date | Customer | Product/Service | Amount Received | Payment Method |
|---|---|---|---|---|
Expense Record:
| Date | What for | Amount Paid | Category |
|---|---|---|---|
Free Tools:
- Google Sheets (free) — Simple income/expense tracker
- Microsoft Excel (if you have it)
- Physical notebook — Works just as well!
Monthly Financial Review:
At the end of each month:
- Add up all income
- Add up all expenses
- Calculate profit (income – expenses)
- Compare to last month
- Set target for next month
When to Pay Zakat on Business:
- When business assets reach Nisab threshold
- After one full Islamic lunar year (Hawl)
- 2.5% on business inventory + cash
- Consult your local scholar for specific rulings
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