Canada Quick question about cash withdrawls from credit card

Joined
Sep 5, 2018
Messages
1
Reaction score
0
Country
Canada
Hey guys, first post :p

Just a quick question.

So I need to categorize credit card transactions for every month..

When a business credit card is used to withdraw cash at the ATM and there's no provided evidence that the cash withdrawn was used for business purposes, would that transaction fall into personnal expenses?

Thanks!
 

bklynboy

VIP Member
Joined
Oct 12, 2011
Messages
595
Reaction score
112
Country
United States
Wouldn't they still have a receipt after using the cash to pay a business expense? At my firm unless amount is below $25.00 then we don't pay the charge. In any event that's company policy and if you do cover that cost then its still a business expense - if asked to prove it is by taxing authority that may be an issue.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

Forum statistics

Threads
11,783
Messages
27,852
Members
21,797
Latest member
4GTFull1

Latest Threads

Top