Mikeg ✭✭✭
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- Username Mikeg
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Re: Adding External Equity Investment
@arshad935, Going to depend on whether it is treated as debt or equity by the outside party. If debt, then set up a Loan Payable - "NAME". or if equity investment set up Equity Investment -… (View Post)2 -
Re: How to categorize tax payments
@CommunicArte, As I mentioned above, those payments are not a deductible business expense for a single member LLC. They should be categorized as owners draw. (View Post)2 -
Re: Consultant Expense Category
@pvel3, Either subcontractors or professional fees. You may need to issue them a 1099 if they are not incorporated or an S-Corp. So grouping them in one place would help you at year end. Accounts Rec… (View Post)1 -
Re: Setting up mortgage for Rental Property
@SamB, You can either create an account for Real estates taxes or just classify as Taxes on the profit and loss. Also you would debit the expense and credit the escrow when the funds are disbursed fr… (View Post)2 -
Re: State Sales Tax and Vendor's Compensation
Debit Sales Tax Payable .18 Credit Other income .18 By doing that you are relieving the entire 6.00. You had paid 5.82 but incurred 6.00 leaving an .18 balance. The discount the state is giving you i… (View Post)1
