Tracking expenses not in a connected account
Sorry for what may be a crazy question (I'm not an Accountant on purpose).
I have a one person consulting business and I often have expenses that I incur long before my invoices are paid. I'm living on a shoestring while I'm building so I don't have enough cash onhand to cover the expenses until I get paid.
I have a business Checking account connected to Wave, but often use personal credit cards to cover the necessary expenses until I get paid. I know I should have a dedicated business card for this, but I don't yet.
My question is regarding the best practice for tracking these expenses. Should I simply submit an expense report once my invoice is paid and use that to pay the cards?
I'm wanting to ensure that the expenses I incur are reflected in my P&L for tax purposes.
Thanks in advance for any help!
Comments
Hey @Bob_BCIndustries! I'm thinking that you might actually want to look into this Help Center here, as it deals with this exact inquiry! Feel free to let us know if you have any further questions on this, though!