USA Bookkeeping Category

[pwconsulting]

Hi,

I know it's basic, but do really need help.

I am running a consulting business. When organizing an educational visit for a group of people, I am wondering how to record the expenses of meals and hotels for the group for bookkeeping (accounting category)? These should not be as meals and entertainment (which only 50% deductible), either travel (as it's not employees traveling), right? Many thanks!

 

[ladyrider]

I always set up my CofA various ways depending on the level my clients want to see
Meals and Ent (50%)
Meals and Ent (100%)
or I've also used Employee Welfare (100%)
Or to get really detailed
the main account which nothing gets posted to is
Travel (USE SUBS)
Airfare
Meals
Hotels and Lodging
Misc

The parentheses helps me remember that there are subs to use.
At the end of the year when I turn the books over to the CPA / Tax preparer everything is there for them to see the 50 percent vs the 100 percent

 

[Pauljeon]

50% for your meals ( meals and entertainment) and 100% for your lodging (hotel) as long as it was for your business.