@Bonzai5150,
Step 1 - Add an asset under Depreciation and Amortization - Start Up Costs
While here you might as well add an accumulated amortization account. Accumulated Amortization
Next step - you'll have to know how these costs were paid. If they came from the owner, then 2 options. Same debit either way
Debit Start Up Costs
Credit either owner equity or owner loan if they were funded by the owner
Second option - If they were paid for by the business checking then categorize the transactions as Start Up Costs.
Hope that helps.
Bonzai5150
Member Posts: 1
Comments
@Bonzai5150,
Step 1 - Add an asset under Depreciation and Amortization - Start Up Costs
While here you might as well add an accumulated amortization account. Accumulated Amortization
Next step - you'll have to know how these costs were paid. If they came from the owner, then 2 options. Same debit either way
Debit Start Up Costs
Credit either owner equity or owner loan if they were funded by the owner
Second option - If they were paid for by the business checking then categorize the transactions as Start Up Costs.
Hope that helps.