> have a home business and
> would like to set up its books on Quicken. My
You'll only need a couple of extra accounts...
An asset account in your personal books named something like "LOANS TO
BUSINESS",
A liability account in your business books names something like, "LOANS FROM
OWNER"
To be most correct, you would be better off depositing funds into a separate
account for your business and then paying business expenses from that
checking account.
If you do pay a business bill from a personal account, when you enter the
transaction in your personal books, you'd show it as a transfer to the asset
account. Then, you'd post an expense transaction in the "LOANS FROM OWNER"
account of your business books.
Lots of ways to do it, but it is always best to minimize the incidents of
co-mingling the funds. But when it happens, good accounting is the real key
to affording yourself accurate information which is easy to substantiate if
audited.
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* Origin: The Holy Cloakroom - Online Ordination - (504)927-4509 (1:3800/6)
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