Handle Pocket
Jan/080
What is the best way to handle out of pocket expenses launching a Quickbooks file?
I'm creating a new file for a new business. I need to know the best way to account for certain costs such as shipping and professional services, which are incurable at the startup process business. The owner paid in cash from his pocket, before the business checking account was established, and I will not be refunded, but want to show the expenses the benefits. For supply of things as I loaded the asset account and credited to capital stock, but I do not know what to do with expenses. I do not want to show a liability by creating an account payable, so I'm at a loss. Should I be treated as petty cash? How?
There are several ways to this situation can be handled. I think the easiest way is the method of petty cash. Create a new bank plan called petty cash accounts. Use the total amount of expenditure as the Opening balance. Quickbooks automatically allocate this amount to the account opening balance of stock (may use a journal entry to move it to the owners of heritage if desired). Then write checks using the petty cash account for all expenses. If you do not need to know where it was becoming one of the shopping, you can do everything in one check. When finished, the bank must have a balance of $ 0.00, the P & L report of expenditure and balance sheet show contributions owner. BTW, I do not think that the supplies should be considered an asset, since they are consumable. Instead, make an expenditure for office supplies.
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