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Posted by Paul Thomas, CPA on March 28, 2008, 8:09 am
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> I have this set up in money with a Business Expense for
> standard mileage. I have it tied to Schedule C as I do also
> my income group for gross receipts. My question is what
> do I do with the other half of the Expense (MS is double
> entry although it tries to hide it). I created an income
> account called Travel Allowance and made it Tax-Exempt.
> But this doesn't seem quite right.
> What is the standard accountant's way of handling this?
To actually issue a check makes it clear.
The alternate is to credit Owner's Equity (as if you paid the bill for the
business). If you put money into the business to get things started, as
most people do, what account did you use to book that entry? Use the same
account.
> I am sure this is better handled in the Business and Home version
> but I am new to this and my gross receipts are not yet gross enough
> to move up. Any suggestions appreciated.
> I like learning this kind of stuff. Thanks.
--
Paul A. Thomas, CPA
Athens, Georgia
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