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Accounting & Bookkeeping & Small Business Forum
Accounting, Bookkeeping, Marketing, and Small Business Resource
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Jennifer
Joined: 16 Aug 2005
Posts: 47
Location: Plano Texas
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| Posted: Thu Mar 08, 2007 11:42 am Post subject: Business Expenses out of Personal Funds |
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Hi All,
My client has given me her cash & debit card receipt from her personal account which she used for business expenses. She has a partnership with her husband and their checking account is a joint one. My question is: does it matter if I use Partner 1 or 2 Equity Account for the transactions?
Thanks
Jennifer |
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Richard Noot
Joined: 20 Aug 2005
Posts: 912
Location: Minnesota
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| Posted: Sun Mar 18, 2007 10:34 am Post subject: |
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| Yes it matters. You also need to get a separate business account. Otherwise the IRS would have a field day in an audit. |
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