Accounting Question - Starting Business Using Credit

Discussion in 'Business Operations' started by CWilliams, May 19, 2005.

  1. CWilliams

    CWilliams LawnSite Member
    Posts: 60

    We have started our business using our personal credit cards. We have some taken a couple cash advances to cover our start-up costs. When I am recording these deposits into QuickBooks, how should I records them (i.e. start-up costs, owners equity, cash advances). I appreciate any help you all can provide.
     
  2. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,603

    Spread the cash advance among the expenses which they relate. Keep contemporaneous records and invoices to prove how the cash was used.
     
  3. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    <marquee loop="infinite" bgcolor="#DDDDDF"><font color="#000000">Have a tax question? Ask our CPA. Click Here </font></marquee>
    Hi CWilliam,

    Feel free to contact our CPA through the link in the above scrolling text if you would like them to respond to your question as well.
     

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