Tracking business expenses from personal account
gnucash at quirky.me.uk
Mon Feb 14 14:50:24 EST 2005
Apologies for my earlier slip of the send button with a nearly blank post,
<cringe> it had to happen on my first post to a new list....
I am in the process of setting up a set of accounts for a new company. I will
be doing many expenses out of my personal accounts, and would like some input
on what the best way would be to track these.
I've thought about combining both into the same file, but that's just too messy
when it comes to taxes and the likes (or is it?). So I have separate account
files for both.
In theory it's simple - I spend and claim it back from the company. The company
pays me a lump sum at the end of the month. This is kindof workable by setting
up 'to claim' expense accounts in my personal accounts and (here's the first
bit I don't like) entering everything twice - again in the company's accounts.
This won't balance however, because there are non-expense items included in the
company reimbursement such as mileage claims. So do I have a non-taxable income
account for reimbursements? I would ideally like to do a reconciliation to make
sure that everything is claimed correctly, but that seems impossible purely on
Surely this must be a common scenario (and I've searched through the archives).
Is there no simple way to track this? Any suggestions/pointers would be most
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