I don't know if I'm in the right place, but here it goes. I just started my own business. My company is a LLC. It's very simple. I'm the only employee and I offer a service (don't sell products). I am using QB Simple Start, because I was told it was the best option for me at this time. I have created my business in QB. I have one bank account and then I created a capital asset acount for all the things I have spent money on up to the point in which my bank account was created. There are however some things that aren't in there yet. For example, I have my cell phone in my personal name, however I an now using it for buinsess purposes. I need to keep the account in my name so how do I handle this monthly expense. (I have a friend who's an accountant and he told me to keep personal seperate from business at all times). Do I create an expense report and pay myself back each month, or do I just wait until tax time and write it off as a personal expense for the business. Same thing goes for the utilites for my home. I run the business out of my house so I know I can write a portion of everything off. How do I handle this on the bookkeeping side of things?? Do I need to show ALL of those things as business expenses on the business side of things, OR can I just write them off as personal business expenses??
Please help!
Please help!