|
Posted by Philip Nelson on May 29, 2007, 7:06 pm
Please log in for more thread options Laura wrote:
>> Laura wrote:
>>>
>>>> I have a personal funds account where I record a purchase of a
>>>> business expense that I paid with personal funds. I would like to
>>>> know, from those of you that have a similar account, do you
>>>> reconcile to a zero balance? How often? What account do you charge
>>>> it to? I figured it should go to an equity account, but not the
>>>> default opening balance equity???
>>>>
>>>> Thanks
>>>
>>> You could use an Owner's Investment equity account if you don't
>>> intend to get repaid or a Loan From Owner Liability account if you
>>> plan on getting repaid for those expenses.
>>>
>>> BTW, nothing should go to the OBE account and that account should
>>> always have a zero balance.
>>
>> I don't know if this is right, but I created reimbursement expense
>> accounts to track money my corporation pays to me for business
>> expenses paid out of my pocket. There is one for mileage I drive on
>> business trips, bridge tolls, etc. At the end of the month, I just
>> add up the receipts (and a spreadsheet tally of the month's mileage)
>> and write myself a check. Someone tell me please if that's all wrong.
>>
>> I did run into a question the other day- I paid for some software
>> purchased on ebay with my personal PayPal (the corp. doesn't have one,
>> and the guy couldn't take credit cards). I don't know the best way to
>> record it. I wanted to receive item and enter bill so I would have all
>> the info on the transaction (invoice # for example), but I couldn't
>> see how to make that work with a payment to me as a non-vendor and I
>> did see myself as a vendor in this transaction, so I wound up writing
didn't <-- was what I mean to write, sorry for any confusion.
>> a check to myself using a reimbursement expense account and describing
>> the transaction in the memo fields.
>>
>> Maybe that's good enough.
>
> Sounds good.
>
> Just include receipts or some other documentation to attach to the check
> stub to document the business expense. For your milage make sure you
> have a milage log book of some sort. I'm assuming you are taking the
> standard IRS milage reimburesment amount of 48.5 cents per mile (2007
> rate).
And now for something completely off-topic-
Probably there are better ways, but what I did was make a spreadsheet
of daily mileage for each month, print out the blank spreadsheet at
the beginning of the month, use that as a log sheet, then transcribe
the numbers at the end of the month and put the paper in a file.
The spreadsheet calculates the total mileage and multiples by .485
to give me a dollar total.
In case anyone is wondering, I don't use the QB mileage calculator
because my odometer quit at 140K (a couple of years ago) so I don't
have beginning and ending odometer readings to enter, but I do have
a trip computer which still works and makes the Quickbooks calculator
redundant.
And I wanted my own fields (miles, ET, MPG, invoice#, description).
And, I don't remember for sure, but I think I had all this done
before I noticed that QB had a trip mileage log.
--
Phil Nelson
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap