The Practice Money Tracker, Lite
Free Excel Bookkeeping Template for Ontario Wellness Practices
Log your deposits and your spending, then see whether the month was actually healthy. Five tabs, no macros, no accounting background needed. It also estimates what to set aside for a 2026 Ontario tax bill, which is the number most sole proprietors find out about too late.
Get the free Excel workbook- Format
- Excel .xlsx, no macros
- Tabs
- 5
- Entry rows
- 400 in, 400 out
- Tax rates
- 2026 Ontario
Tab 1: Start
Three things to type, then you're set up
Your practice name, the year you're tracking, and your best guess at annual profit. That's the whole setup. The last two rows fill themselves in from the Tax Estimate tab.
Every cell in the workbook is colour-coded, and the Start tab explains the code before you touch anything: cells with a green outline are yours to type in, green-tinted cells calculate themselves. Type into a green one and you break the formula, so the sheet tells you to close without saving if you do it by accident.
Underneath sits the weekly routine, a short list of things not to do (no patient names, no HST tracking, gross deposits before processing fees), and the two dropdown lists that drive everything else.
Tabs 2 and 3: Money In and Money Out
One row per deposit, one row per payment
Date, description, category from a dropdown, amount, and a notes column. Both tabs hold 400 rows. You enter income when it reaches your bank and expenses when they leave it, so the workbook always matches what the bank actually did.
7 revenue streams
So you can see which part of the practice is actually paying the bills.
- Client sessions
- Insurance and third-party payments
- Assessments and reports
- Workshops and groups
- Product sales
- Room rental
- Other income
20 expense categories
16 count as operating costs. The last 4 are money out, but they aren't expenses, and the Dashboard keeps them separate.
- Rent and utilities
- Clinical supplies
- Software and subscriptions
- Payment processing and bank fees
- Phone and internet
- Insurance, licensing and dues
- Continuing education
- Accounting and legal
- Marketing and website
- Contractors and wages
- Office and administration
- Vehicle, business-use share
- Home office, business-use share
- Business meals
- Interest on business borrowing
- Other operating expense
Money out, not an expense
- Owner's draw
- Tax set-aside transfer
- Equipment and capital purchase
- Loan principal repayment
That last distinction is the one most spreadsheets get wrong. Paying yourself isn't a business cost, and neither is moving money to a tax savings account or paying down loan principal. Lump them in with rent and supplies and your expense total looks alarming for no reason.
Tab 4: Dashboard
Five numbers that tell you if the month was healthy
Type a month number from 1 to 12 and every figure recalculates, year to date in one column and that month in the other.
Money received
Every deposit you logged, year to date and for the month you picked.
Practice operating expenses
Only the 16 categories flagged as operating. Draws, tax transfers, equipment and loan principal stay out of this line.
Money left before owner pay and income tax
What the practice actually generated before you paid yourself.
Suggested tax set-aside
The percentage from the Tax Estimate applied to line 3, next to what you really moved to savings and whether you are ahead or behind.
Owner's draws
What you took out, kept separate from business costs so the two never blur.
Below that, the Dashboard ranks your top five operating expenses for the year with each one's share of the total, so the thing quietly eating your margin has nowhere to hide.
It also runs three checks on your own data and tells you when something needs fixing: rows missing a date or an amount, rows with a category that isn't on the Start list (usually a typo that would silently drop the amount out of your totals), and anything typed below row 405, which the Dashboard doesn't count.
Tab 5: Tax Estimate
What to hold back for a 2026 Ontario tax bill
Enter your expected profit on the Start tab and this tab works out roughly what a sole proprietor owes on it: federal and Ontario income tax, the Ontario Health Premium, and both halves of CPP, which is the part that catches people who used to be employees.
It shows the total, that total as a share of your profit, and a suggested monthly transfer. The percentage feeds back to the Dashboard, which then compares it against what you actually moved to savings.
The 2026 rate tables sit on the same tab in plain sight: CPP's $3,500 basic exemption, the $74,600 and $85,000 earnings ceilings, the 9.9%, 2% and 8% self-employed rates, the income tax brackets and the Ontario Health Premium steps. Nothing is hidden in a formula you can't inspect.
An estimate, not a tax return
It assumes the profit you enter is your only income, that you were resident in Ontario on 31 December, and that you claim the basic personal credits and nothing else. It leaves out EI and instalment timing. Your actual return may include other income, deductions and credits that change the result. The rates are 2026 only, and the tab tells you so if you change the year.
What it deliberately doesn't do
A small tool that does one job well beats a big one you abandon in March. Here's what we left out on purpose.
HST tracking
There is no HST column and no return worksheet. If you are registered, ask your accountant what belongs in each figure.
Accounts receivable
Nothing here tracks unpaid invoices. Run the receivables report in Jane, Cliniko or whatever you already use.
Payroll
Wages appear as money out. The workbook does not calculate source deductions, T4s or remittances.
A tax return
The Tax Estimate tells you roughly what to hold back. It does not prepare or file anything.
Bank feeds
You type entries in yourself. That is the point: 10 minutes a week keeps you close to the numbers.
Who it's built for
Ontario sole proprietors running a practice on their own or with a small team: chiropractors, physiotherapists, RMTs, acupuncturists, naturopaths, psychotherapists, social workers, psychologists, dietitians, and fitness or yoga studio owners.
It suits you if your bookkeeping currently lives in a shoebox, a bank app, or a spreadsheet you started and stopped. It won't suit you if you already run full double-entry books, or if you need HST returns and payroll handled inside the same file.
Download the Tracker
Send me the Practice Money Tracker
Enter your email and the Excel workbook is yours, along with the Practice Money Quick Start guide. Both free, both instant.
- The 5 numbers that tell you if a month was actually healthy
- An Excel tracker that turns bank deposits and money out into a simple dashboard
- A 2026 Ontario tax set-aside estimate and top-five expense view
- Where HST hides in a wellness practice, by profession
- The tax deadlines that apply to you, and only those
Frequently Asked Questions
Would rather not do it yourself?
Wellspring Accounting does the books for Ontario wellness practices, so the numbers on a dashboard like this one arrive without you touching a spreadsheet.
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