Bookkeeping Expenditures

Bookkeeping Expenditures

I am working on bookkeeping records and searching for expenditures that were possibly offset to an income account. Where would I start to search for that? I'm working in QuickBooks online.

Claiming Expenses Bookkeeping Question

by H Currie
(NS)

Claiming Expenses

My client, a sole proprietor, mixes his personal and business finances. Often, there are expenses on his statements, especially meals, without matching receipts. Should I advise him against claiming these expenses?

Cruise Gift Expense

by Sharon
(Georgia)

Taxable Fringe Benefits

The small business I work for gave a gift of a cruise to an employee for a 20-year anniversary. How do I handle this expense in my bookkeeping?

Expense and Sub-Sequential Refund

by Molly
(Portland, OR)

Expense Tracking

I am a bookkeeper for a non-profit organization. We paid an unemployment benefit expense in December of 2008 and last month received a credit from the unemployment department. Essentially this is a reduction in the expense we had and not income.

If I credit these funds to the expense account there will be a negative number for that account for the profit and loss report this month and the profit and loss report for our taxes. Should I account for this income as miscellaneous income?

Or I could back date the income with an invoice, but then this would change all of the balance sheet reports I have created so far this year.
Thank you for any help you can provide in this situation.

Expense Purchases With Personal Credit Card

Reconciling Personal Expenses

I am working on bringing a small company's books up to date for the last year. Nothing has been recorded properly and they are missing receipts ect. The main issue is that they have purchased supplies/expenses with their personal credit cards, and I am unable to balance the company bank statements with these purchases. They make random payments (which don't equal the total of the receipts) from their business bank account to pay back their personal credit card. What do I need to do to ensure we can balance this out? THANK-YOU

Expensing Equipment

by mwilli
(CA)

Expensing Equipment

I purchased a piece of equipment for $4000. I know I can expense it in full this tax year, so I would debit the expense, and credit cash. But I need it on my balance sheet, too. Do I make an additional entry to debit equipment and credit equity?

Historical Bookkeeping Expense Entry

Backdated Bookkeeping Expense

I have received expense submissions from a colleague that span several years, including some from the current year but before our fiscal year-end. How should I best input these into our SAGE system? Should they be dated at the start of our financial year?

Homeowner Association Journal Entry

by J Fletcher
(Arizona)

Homeowners Association

Jeanne Fletcher here, representing a homeowners association. RC, a homeowner, pays monthly dues of $250. In August, RC provided landscaping services and billed the association $1,725. Instead of a direct payment, RC requested that his monthly dues be credited until the invoice amount is settled.

How should this be accurately recorded in QuickBooks, ensuring that dues reflect as income without actual cash deposits, and that the landscaping expenses appear on the profit and loss statement?

Hotel Industry Expenses

Hotel Industry Expenses

In the hotel industry, under which specific accounting categories should the following expenditures be recorded?

1. Flowers bought for the Front Office.
2. Manure expenses for the hotel's garden.
3. Purchases of utensils and glasses for the restaurant.
4. Costs related to street lighting within the hotel grounds, specifically new bulb purchases.

How Do I Record Expenses

by Maureen
(Chesterton, IN)

Recording Bookkeeping Expenses

Just saw this Q and A. I am lost. I am so not a bookkeeper - helping a grandson so that he can go out and do the work.

How do I record expenses that are charged to a visa? Meaning if I record them as Maintenance on the truck and lawn mower but the pay for them with visa, I would be recording them twice - right? I don't know.

I am going nuts. I listed all expenses and income (from plowing) for this year. I come up with a negative $8.89. I triple and more checked the figures I inputted against those show on the bank account. All numbers are the same, but the software still gives me a negative. I am not a math person. I can't "see problems" like some can. Thanks, my brain hurts, and my stress level is up.

Organizational Expenses

Startup Organizational Expenses

I paid fee to State for Organization & First Report $25.00 and also paid fee for Certificate of Incorporation $40.00.

New company started in April. How do I book this?
Organization (other asset) and Opening Bal Equity(equity)??? Thank you, Marge

Paid Business Expense Out Of Personal

by Brooke
(Langley)

Proprietor Contribution

I am a sole proprietor business and at times, though rarely have paid a business bill out of my personal expenses/account. What General Journal entry would I use - note: I am not set up for Shareholders Loan.

It would have to be an Equity account I have both Proprietor Contribution and Proprietor Draw. I know I Debit the Cell Phone Expense. But do I credit the Contribution or Draw?

Personal Vs Business Expenses

Business Expense Classification

Must items that are classified as expenses in a partnership be registered under the co name i.e., phone bills. Must the mobile phone be registered under company's name? Or can it be registered under personal name?

Providing Expense Receipts to Customer

Customer Billing

We frequently travel to customer sites. We bill for time and expenses. We are currently providing expense receipts to our customers for things like Airfare, Hotel and Rental Car (items over $75.00). Is it necessary that we do this?

Software Expenses

Software Expense

Hi there, we have started a new business and purchased an accounting software. Just wondering where I need to enter that software expenses. Thanks, and regards, Bhoomi

T&E Deductible

by Joseph
(New Jersey)

T&E Deductions

My business partner and I recently formed an LLC, which we understand will not have to pay taxes, while we will have to pay taxes on our draw.

I understand that T&E are only 50% deductible but don't understand how to account for them and properly reflect the tax treatment. If we are going to reimburse ourselves 100% from LLC funds for out-of-pocket T&E, then how do we handle the accounting on the books of the LLC?

If we get 100% reimbursement and then only draw from and pay taxes on cash in the company, then how is the 50% taxable part of T&E ever taxed?

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