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stevenbristol replied on June 24, 2008 12:06 to the question "How do I enter separate items in a deposit?" in Less Everything:
What I do is just enter the separate items separately.-
Allan replied on June 24, 2008 02:37 to the question "How do I enter separate items in a deposit?" in Less Everything:
Hi, you can import a paypal banking file directly into LessAccounting.com. You can add check number in the notes field, regular income can be associated with an invoice you have created. -
A comment on the question "How do I keep track of expenses outside the business account?" in Less Everything:
Would you say this should be something I do every month? A reimbursement "rent" package that the company pays to myself? This sounds like a great solution. Thanks for the advice! – Josh Pyles, on June 24, 2008 00:24 -
stevenbristol set one of Johnny, the Accountant's replies as an official response to "How do I keep track of expenses outside the business account?" in Less Everything
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Johnny Branch replied on June 23, 2008 19:12 to the question "How do I keep track of expenses outside the business account?" in Less Everything:
You could write a business check made payable to you reimbursing the business portion of expenses paid personally.
This practice does not violate the required separation of corporate and personal funds. Thus you keep in tact your corporate veil protection. The trick is to make sure you have the correct allocation of business vs personal expenses. For proper allocation of office in home deductions you need to read the IRS publication 587. This publication can be downloaded from irs.gov in pdf for html format. When reading be sure to first study the qualifications for office in home deductions on page 2. Then if you do
truly qualify review page 6 on how to set up the allocation formula.
The single reimbursement check should then be categorized into the specific business deductions areas such as rent or utilities for tax filing next year.
