47: Recording Personal Expenses Paid With Business Funds Whether You‘re Starting A Business, You‘re Self-Employed, A Solopreneur, Entrepreneur, Business Owner, Online Bookkeeper Or Virtual Assistant


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Over the last few episodes, I’ve talked about why you shouldn’t be commingling your personal and business funds, and today’s episode is no different, but like I’ve mentioned in the past, I understand that there are times when this happens, and you need to know how to account for it in your bookkeeping so that your financial statements are not reflecting the wrong data about your business. In today’s episode, I am going to focus on times when you may have paid for a personal expense out of your business account. This could be the result of accidentally grabbing the wrong credit card or checkbook when you are shopping for personal items. Even though you know these expenses are not supposed to be in your business financials, you will still need to record the transactions so that your books will still be in balance. The question of how to record these transactions comes up a lot and after today’s episode, you will know exactly what you need to do if this ever happens to you. Don’t miss this episode if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet or Google Sheets and you happen to have a situation where you have used your business funds to pay for a personal item. This happens in businesses periodically no matter if you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, virtual online bookkeeper or virtual assistant, so listen in and make sure you are prepared to record transactions like this in your business…

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