entering receipts paid by cash
Total Views: 25
how to enter recipts paid by cash?
Answer
It depends. Was it paid with personal funds? Will the business pay you back? Was it an owner's contribution? You can enter a journal entry to debit the expense and credit due to owner or owner's contribution or some other account based on the circumstances.
PLEASE mark this answer as solved (click the button under the answer in the lower, right corner) or post additional questions.
Author of the book "Successful QuickBooks Consulting"
http://www.LongforSuccess.com
Linkedin Group: http://bit.ly/9e3RB
Facebook Page: http://bit.ly/1q72VW
Answer
Go to Company>Make General Journal Entry and debit the expense accounts (or what ever you paid for) and Credit Owner's Contribution ( an Equity account).
You really should keep business & personal separate!
PLEASE mark this answer as solved (click the button under the answer in the lower, right corner) or post additional questions.
Author of the book "Successful QuickBooks Consulting"
http://www.LongforSuccess.com
Linkedin Group: http://bit.ly/9e3RB
Facebook Page: http://bit.ly/1q72VW
Comment
I'm a sole proprietor and have no employees. I pay for everything by credit card or cash, I do occasionally write a personal check for services. How do I enter receipts that I paid cash for into quick books so I can track expenses and prepare my year end taxes?