From: Business School 101
and Alamo Bookkeeping Associates
Alright so now you have started using your business checking account for your business purchases. So what are you suppose to write in the little book the bank gives you called a check register?
Here is what you should be writing:
The date of the purchase.
The name of the store/business you purchased from.
Why you bought it.
Example: 3/27/06 Office Depot $50.00
Sign for Window.
Try to do this at the time of purchase so you don't forget. It is a lot harder to try to remember a month later what you bought where and for what reason. This information is important for bookkeeping and tax purposes because expenses are placed in categories (more on this in a future posting).
I also recommend that if you buy something for cash (some places will not take checks) that you also write that down in your check register and note it is a cash purchase, that way you don't forget to include it in your expenses for bookkeeping.
Next: What do I do with all the receipts?