Easy advice for a new entrepreneur

"Trizi" wrote

You should have kept the actual receipt.

They'll only start questioning the purchases if they are way off-base for your type of business, or if they find other problems in an audit to give rise to a second look at your receipts.

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I have all original receipts, thankfully, but in my name. How do I get them over to the company? thanks !

Here's what I think is the way to do it: (All the items are truly being used in the business)

I'll prepare a statement of all the items I bought and then submit it as expenses for which the business can then write a cheque to me.

Can I go back to last April (2007) on the statement?

You will want to create an invoice or an expense report, not a statement. A statement is a list of all open invoices. A business should never pay its expenses from statements when the vendor submits invoices. Also, you are creating an expense for the company in 2008 and paying it in 2008, so it should be recorded for 2008.