Handling daily grocery purchases?

If you are sending your daily sales to Cash on Hand and, then, paying for groceries out of the 'pot', use ctl-w (write check) and post the expenditures using the Cash on Hand bank account and the purchases expense account.

If you are paying for these out of your own pocket, I would create a credit card type account  called "Expenses paid out of pocket' and post the 'charges'  to that account.

Does this help?

Laura D

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LauraD wrote:

If you are paying for these out of your own pocket, I would create a credit card type account called "Expenses paid out of pocket' and post the 'charges' to that account.

Thanks, Laura -

I followed your suggestion, and tried to set up a Credit Card Account with an assigned Tax Line of Schedule C, Materials/Supplies (COGS). When I was done, QB09 griped that, "This account has been assigned an income tax line that is not compatible with the account type. "

Is this OK?

Alan

Perfect, Laura! Thank you!