Mikeg ✭✭✭
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- Username Mikeg
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Re: How to categorize money reserved for quarterly tax payments?
Are you a LLC or S Corp? (View Post)1 -
Re: Recording Business Expenses Paid from Personal Account
@detailingking and @oklamy For item 1 - You would categorize the Payment to credit card (showing up in green) as deposit from Owner in the drop down. This is giving you credit for the payment that ma… (View Post)1 -
Re: Rent collected in one year for rental period begining Following year
@DSRB, You would follow your method of accounting that has been elected on your tax return. Most taxpayers are cash basis. That would require you to recognize the income in 2021 since that is when yo… (View Post)1 -
Re: Credit Card Accounting
@kylozen, Since you created a transaction for the laptop you would assign the "Account" on the transaction page to be Owner Investment. This creates the credit and the dollar amount creates… (View Post)1 -
Re: Rent collected in one year for rental period begining Following year
@DSRB, Depends on your method of accounting, cash or accrual. If you are doing this through your personal return i.e. Form 1040 as a single member LLC or personally owned, then you are on the cash ba… (View Post)1
