Home Page link  

Tracking business Expenses - reimbursing owner

  
Groups | Search | About
User Password
Register Now! Lost Password?

QuickBooks Discussion board - Discussions about the popular financial software by Intuit

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Tracking business Expenses - reimbursing owner John Pippy 06-26-2006
Posted by John Pippy on June 26, 2006, 4:55 pm
Please log in for more thread options
 How are people here in this group handling expenses that are incurred by the
owner. For example, owner purchases supplies for the business, the receipts
exceed what is in petty cash.

What I have set up is that if the receipts total 500 and the petty cash
remaining is 150. I write a cheque payable to petty cash for 500 which
increases the petty cash register to 650 and then I issue a petty cash
cheque for the 500 in expenses.

Is there an easier way to do this? Especially that most of the common
supplies are purchased via cash at several suppliers.

Thanks,

JP



Posted by HeyBub on June 26, 2006, 11:14 pm
Please log in for more thread options
 John Pippy wrote:
> How are people here in this group handling expenses that are incurred
> by the owner. For example, owner purchases supplies for the
> business, the receipts exceed what is in petty cash.
>
> What I have set up is that if the receipts total 500 and the petty
> cash remaining is 150. I write a cheque payable to petty cash for
> 500 which increases the petty cash register to 650 and then I issue a
> petty cash cheque for the 500 in expenses.
>
> Is there an easier way to do this? Especially that most of the
> common supplies are purchased via cash at several suppliers.

Write the check to yourself. Debit "Office Supplies"



Posted by Golden California Girls on June 27, 2006, 12:06 am
Please log in for more thread options
John Pippy wrote:
> How are people here in this group handling expenses that are incurred by the
> owner. For example, owner purchases supplies for the business, the receipts
> exceed what is in petty cash.
>
> What I have set up is that if the receipts total 500 and the petty cash
> remaining is 150. I write a cheque payable to petty cash for 500 which
> increases the petty cash register to 650 and then I issue a petty cash
> cheque for the 500 in expenses.
>
> Is there an easier way to do this? Especially that most of the common
> supplies are purchased via cash at several suppliers.
>

Get a company credit card ...

Posted by S.M. Serba on June 27, 2006, 12:59 pm
Please log in for more thread options
You could handle it one of two ways:

Set yourself up as a Vendor. Enter the Bill using your vendor account.
When you pay the bill, pay from Petty Cash then on a monthly basis
either cut yourself a cheque or make a G/L adjustment to transfer the
Petty Cash balance to the Owner's Equity or Owners' Drawing accounts.

OR you could set up a Due to Owner *BANK* type account and pay from
that (saves the extra step of transferring Petty Cash balance to Owner
Draw account). You could then either leave that or transfer that
balance to the Equity account.

Stephanie


John Pippy (remove me to respond) wrote:
> How are people here in this group handling expenses that are incurred by the
> owner. For example, owner purchases supplies for the business, the receipts
> exceed what is in petty cash.
>
> What I have set up is that if the receipts total 500 and the petty cash
> remaining is 150. I write a cheque payable to petty cash for 500 which
> increases the petty cash register to 650 and then I issue a petty cash
> cheque for the 500 in expenses.
>
> Is there an easier way to do this? Especially that most of the common
> supplies are purchased via cash at several suppliers.
>
> Thanks,
>
> JP


Similar ThreadsPosted
Recording business expenses paid from personal credit card August 23, 2007, 8:07 pm
Owner Draws April 10, 2008, 10:14 pm
Owner Contributes May 6, 2008, 6:45 am
Register New Owner of Used Program December 7, 2006, 9:54 pm
Help adding to owner equity! July 24, 2007, 12:35 am
Tracking use tax November 24, 2007, 6:36 am
tracking profitability September 27, 2006, 9:07 am
Tracking my labor...how to? January 20, 2008, 11:58 am
Inventory tracking May 12, 2008, 7:28 am
Out-of-state Sales Tax Tracking December 1, 2007, 12:39 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap