Recording personal funds in your business can be tricky and you want to make sure you are capturing and recording all of these transactions so that your business financial statements reflect all of your business transactions accurately. These personal funds may be in the form of an injection of additional personal funds you put into the business, or you may find yourself as the business owner making a purchase for the business with your personal funds. These purchases could be made with your personal cash, a personal check or even your personal credit card. Although mixing your personal and business funds is never recommended, there are situations where this does happen, and you need to make sure you are recording them correctly. In today’s episode, I am going to talk about how you should handle any business expenses that are paid by you personally and in the next episode, I am going to talk about how you should be recording any money you are putting into your business personally. I know these two topics are important to you as a business owner and I want to make sure you understand how you should be recording each of these situations. Listen in for part one of this series on personal funds and your business today as I help you ensure that any time you have a business expense that you pay for personally you record it correctly in your accounting and bookkeeping system. It doesn’t matter if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet, you’ll know exactly how to record these transactions. Whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, virtual online bookkeeper or virtual assistant understanding the impact of any business expenses you pay for personally will help you to easily record these transactions in your bookkeeping system…
Get the full details and sign up for the Money, Faith and Business virtual event here:
www.FinancialAdventure.com/Resources
Fill out the Contact Us form if you have a question or need help with your bookkeeping:
www.FinancialAdventure.com/Contact-Us
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Register For My 4 Step Framework For Creating A Profitable Bookkeeping Business (Or Improve Your Existing Bookkeeping Business) Masterclass Here:
www.FinancialAdventure.com/MasterClassRegistration
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path is waiting for you:
www.FinancialAdventure.com/StarterGuide
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Join Our Facebook Community: www.Facebook.com/Groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
Are you a bookkeeper looking to start, grow or scale your bookkeeping business? Join our FREE bookkeeper community here:
www.FinancialAdventure.com/BookkeeperCommunity
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources.
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By Chris Panek - CPA, Business Strategist & Business Coach For Entrepreneurs Growing Their Business
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Recording personal funds in your business can be tricky and you want to make sure you are capturing and recording all of these transactions so that your business financial statements reflect all of your business transactions accurately. These personal funds may be in the form of an injection of additional personal funds you put into the business, or you may find yourself as the business owner making a purchase for the business with your personal funds. These purchases could be made with your personal cash, a personal check or even your personal credit card. Although mixing your personal and business funds is never recommended, there are situations where this does happen, and you need to make sure you are recording them correctly. In today’s episode, I am going to talk about how you should handle any business expenses that are paid by you personally and in the next episode, I am going to talk about how you should be recording any money you are putting into your business personally. I know these two topics are important to you as a business owner and I want to make sure you understand how you should be recording each of these situations. Listen in for part one of this series on personal funds and your business today as I help you ensure that any time you have a business expense that you pay for personally you record it correctly in your accounting and bookkeeping system. It doesn’t matter if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet, you’ll know exactly how to record these transactions. Whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, virtual online bookkeeper or virtual assistant understanding the impact of any business expenses you pay for personally will help you to easily record these transactions in your bookkeeping system…
Get the full details and sign up for the Money, Faith and Business virtual event here:
www.FinancialAdventure.com/Resources
Fill out the Contact Us form if you have a question or need help with your bookkeeping:
www.FinancialAdventure.com/Contact-Us
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Register For My 4 Step Framework For Creating A Profitable Bookkeeping Business (Or Improve Your Existing Bookkeeping Business) Masterclass Here:
www.FinancialAdventure.com/MasterClassRegistration
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path is waiting for you:
www.FinancialAdventure.com/StarterGuide
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Join Our Facebook Community: www.Facebook.com/Groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
Are you a bookkeeper looking to start, grow or scale your bookkeeping business? Join our FREE bookkeeper community here:
www.FinancialAdventure.com/BookkeeperCommunity
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources.