Easy advice for a new entrepreneur

Hello -
If if makes any difference, I'm in Canada. This is a procedural question.
I just opened my business bank account and credit card.
Prior to this I made several purchases for my business on my personal
credit card. What is the best way to physically reimburse myself and how far back can I go? Right now I use Quicken to track my finances.
My guess is I just write a cheque from my business to myself, but the credit card statement to back it up might look like a personal expenditure?
Thanks!
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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.
--
Paul A. Thomas, CPA
Athens, Georgia
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wrote:

.....
I have all original receipts, thankfully, but in my name. How do I get them over to the company? thanks !
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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?
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On Sat, 12 Jan 2008 13:51:05 -0800 (PST), Trizi wrote:

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.
--
"All I ask is a chance to prove that money can't make me happy."

snipped-for-privacy@gmail.com
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You can do one of two things: make an expense report, and reimburse yourself with a company cheque or set up a bank account called "Due to Owner" to pay bills out of. Then, the same way you would write a cheque, all receipts for personal credit cards, cash out of pocket or debit purchases from your personal bank account go through there. You can either 1) make a journal entry to transfer the balance of the "due to owner" bank to an equity account called Owner Investment or an Equity account with your name on it or 2) write a cheque to yourself with the "due to owner" bank account as the credit side.
Stephanie Durham Business Outsource
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