so its end of year.... how do you keep your records?

Discussion in 'Business Operations' started by slikrick, Dec 27, 2004.

  1. mtdman

    mtdman LawnSite Gold Member
    Messages: 3,143

    I have a question for the qb guys. How do you keep track of things like credit card purchases and things you pay for in cash, etc? I use qb for most of my accounting, but there are always things I buy with cash, and the gas card I have that I have to account for. Not really sure how to reconcile that stuff.
  2. Henry

    Henry LawnSite Senior Member
    Messages: 548

    You need to set up an account for your credit card(s), just like you did for your bank, and then you can enter charges and reconcile from there.

    I would think that any accountant working with businesses should be using QB since a lot of us use it.
  3. Envision

    Envision LawnSite Member
    Messages: 126

    For cash purchases, I was told to create an account of type 'equity' and named it contributed capital. From there, make journal entries for each cash transaction.

    As for credit card purchases, you need to create an account of type 'credit card' as stated in the previous post.

    Shoot away if you have more questions.

    Thanks, Tim.

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