45: Handling Business Expenses Paid Personally Whether You‘re Starting A Business, You‘re Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Online Bookkeeper, Virtual Assistant Or VA

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…

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