Recording Personal Purchases Made From Your Business Account | Tips for a Clean Set of Books

Myth: If I make a personal purchase out of my business account or on a business credit card, I can exclude it from my bookkeeping. Fact: In order to properly reconcile your business accounts, all transactions should be recorded, even if they are personal in nature. Here is the proper way to record personal purchases made from a business account, as demonstrated by Kristie Van Pay of Prosperity Bookkeeping. Using a sample company in QuickBooks Online, she shows how to maintain integrity in your financial statements by accurately reporting personal expenses in a business account. In this video you’ll learn how to: • Create an equity account • Record the personal purchases made from a business account • Create a deposit for the amount you are replacing • Code the deposit accurately Learning how to record personal expenses charged to a business account improves the accuracy of your bookkeeping, so you can make well-informed business decisions and present the correct financial data to partners, lenders, and other interested parties. Here's to a clean set of books! Related Blog posts: https://prosperitybookkeeping.net/blo... Subscribe to Prosperity Bookkeeping for expert insights, actionable strategies, and the accountability you need to achieve your next big goal! Facebook:   / prosperitybkpg   LinkedIn:   / prosperity-bookkeeping   Online: https://prosperitybookkeeping.net