46: Recording Personal Money Put Into Your Business Whether You‘re Starting A Business, You‘re Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Online Bookkeeper Or Virtual Assistant

2021-09-15

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Even though you know you shouldn’t be mixing your personal and business funds together, we know it happens, and I totally understand that there are times when this may be happening in your business. I have seen many times when cash falls short, and the business owner needs to inject additional funds into the business. Where does this money come from? Well, to be honest, most often, it is the business owner using their personal funds to help increase the cash needed in the business. In today’s episode, I am going to cover how you should be recording these personal funds you may be depositing into your business when you do your own bookkeeping. 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 deposits you make into your business from your personal funds. 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, making sure you are correctly recording any personal funds you put into your business will be extremely important. These amounts are not considered income or sales and should not be recorded as additional income in your business, so listen in so that you make sure you don’t overstate the income in your business by recording these funds incorrectly…

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