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Tracking business Expenses - reimbursing owner

How are people here in this group handling expenses that are incurred by the owner. For example, owner purchases supplies for the business, the receipts exceed what is in petty cash.

What I have set up is that if the receipts total 500 and the petty cash remaining is 150. I write a cheque payable to petty cash for 500 which increases the petty cash register to 650 and then I issue a petty cash cheque for the 500 in expenses.

Is there an easier way to do this? Especially that most of the common supplies are purchased via cash at several suppliers.

Thanks,

JP

Reply to
John Pippy
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Write the check to yourself. Debit "Office Supplies"

Reply to
HeyBub

Get a company credit card ...

Reply to
Golden California Girls

You could handle it one of two ways:

Set yourself up as a Vendor. Enter the Bill using your vendor account. When you pay the bill, pay from Petty Cash then on a monthly basis either cut yourself a cheque or make a G/L adjustment to transfer the Petty Cash balance to the Owner's Equity or Owners' Drawing accounts.

OR you could set up a Due to Owner *BANK* type account and pay from that (saves the extra step of transferring Petty Cash balance to Owner Draw account). You could then either leave that or transfer that balance to the Equity account.

Stephanie

John Pippy (remove me to resp> How are people here in this group handling expenses that are incurred by the

Reply to
S.M. Serba

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