With business bookkeeping and basic tax tips for new and old entrepenuers

Thursday, July 29, 2010

Occasional Expenses on a Credit Card

Now if you normally don’t use a credit card for business purposes and just do this occasionally, then you probably don’t need to set up an account on your books for your credit card. Simply use the Owner/Equity Withdrawals account to track an occasional use of the credit card for business. For example, you buy some office supplies at Office Depot and use your personal credit card. Instead of having the credit card set up on your books you make an entry the same as if it were a cash expense, debit office expense and credit Owner Equity or Owner Investments.

Next, how do I record checks?

By Alamo Bookkeeping Associates

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