Mikeg ✭✭✭
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- Username Mikeg
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Re: Recording a Business Expense Paid for w/ Personal Credit Card
@bisoldi, The journal entry you made is fine. Debit the expense and credit Owner Investment. You do not need to create a bill. Bills are use for tracking vendor invoices that are received but not pai… (View Post)1 -
Re: Owner Equity and Withdrawals
@suzi27, That would be correct if you are manually entering each transaction rather than having the transactions imported. (View Post)1 -
Re: How to use Unearned Revenues?
@LemonBanjoandSupply, It would require manual entries. I would suggest a different approach. When using invoicing the services on the invoice can only be tied to an income account. Unearned Revenue i… (View Post)1 -
Re: Best practice for tracking startup seed investment made BY my company?
@rwcgh, Yes, you would set up either a short term or long term asset. On the transaction journal the category to assign would be the asset account. You would not make entries to adjust value over tim… (View Post)1 -
Re: How to record replacing product at business expense
@farmsteadgardening, You would record as any other normal expense. Since you already recognized the revenue and cost in April, this purchase is an additional cost. Essentially reducing your profit ma… (View Post)1
