Mikeg ✭✭✭
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- Username Mikeg
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Re: Accounting a SEP IRA contribution for last year
@olllllllo, You would create a journal entry. First create a short term liability Pension Payable. Next debit Pension Expense or Employee Benefits and credit Pension Payable for the contribution amou… (View Post)2 -
Re: Cash not deposited
@Shari, To record cash received that is not deposited in the business account but kept personally, you would mark the invoice as paid and use Owner Draw as the account. That is because the business d… (View Post)1 -
Re: How to register a partner advance (loan)
Gami, You would set up a loan receivable as an other asset on the chart of accounts. The disbursements from the transaction page would be coded to that account. When he/she pays it back, the deposit … (View Post)1 -
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: Accounitng for Property Taxes
@tschumacher, Property taxes paid on a closing statement are treated as an expense. You will need to record a journal transaction to post the real estate acquired using the closing document. (View Post)1
