But I’ll refer to this account as “Company Owes Me” in this article. In this example, I named the account “Company Owes Me” but you can name yours anything.If your company is a partnership, you may want to set up an account for each partner. You’ll use this account to track all the money you spend in a mixed business and personal fund situation. In your Chart of Accounts, create a new account using the type Other Current Liability. Now that we’ve got that out of the way, let’s get to it. It’s really not a good idea at all to track your personal finances with your company’s. This article is meant to help you keep your business finances separate from your personal finances, not merge them together.
It’s a good idea to talk to you accountant if you have questions about paying for your business expenses with personal funds and vice versa. This is only to show you how to track transactions in QuickBooks. The information in this article is not meant to be accounting advice. You can track these purchases in QuickBooks with an Other Current Liability account. If you pay for company purchases or assets with a personal check, credit card, or cash, you have, in effect, made a “loan” to your company. Then how do you reimburse yourself for those cartridges from your business funds so that money goes back into your pocket? Those little guys are expensive! You put it all on your personal credit card. You’re buying school supplies for your kids and printer cartridges for the printer you use for your business. Does this sound familiar? You’re in your favorite office supply store.
0 kommentar(er)
