How do I show reimbursement to LLC sole owner of money paid for materials from his personal account? How is this shown on Schedule C?
How do I show money taken out of business by owner as income? How do I show this on Schedule C?
While I cannot answer the tax preparation questions, and I personally do not file with Scedule C.
You record materials purchased by a journal entry (only if you are not using Job Profitability reports that require items.
Debit to expense account, credit to Equity Account, Owners Investment.
For the money you take out of the buisness, post to an Equity Account, named Owner's Draw.
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Laura Madeira
Author of "QuickBooks 2009 Solutions Guide for Business Owners and Accountants"
National Trainer for Intuit Accountant Trainer/Writer Network
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