Need help with accounting concept
edodd at billiau.net
Thu Jan 26 14:47:54 EST 2006
On Fri, 27 Jan 2006 04:13, Jim Lynch wrote:
> I have a small business (very small!) that I'm using gnucash to do the
> accounting for. I have a couple of expenses that I'm paying out of my
> personal account that I want to charge off as a business expense, such as a
> portion of my phone bill and cell bills. I don't necessarily want to pay
> myself for that expense, but I do want to show the charges in gnucash
> somehow so the P&L and other reports will reflect actual business expenses.
> Since this is a double entry system, I need some kind of an account
> (liability?) to post the other half of the transaction to. What's a
> reasonable way to do that? I know I'll have to have expense accounts set
> up for phone and cell expenses, but the other side is what I don't
> understand since there won't be any actual exchange of funds.
I run this as a liability, a loan from me to the business, and I pay off the
balance on a regular basis.
The idea is to die young as late as possible.
-- Ashley Montague
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