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  #1  
Old 01-17-2003, 04:41 PM
fergal fergal is offline
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Join Date: Nov 2002
Location: Canada
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Out of Pocket Expenses

Hello All!
You bailed me out before, here's hoping you can do it again.
The owner I'm doing the books for paid alot of expenses out of pocket and of course wants to be reimbursed.

What's the best way to set this up? I know expenses don't come out of owner's drawings & I don't think a loan is the right way to go about this.

Any suggestions?

Fergal
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  #2  
Old 01-17-2003, 09:13 PM
NancysBL NancysBL is offline
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Now, by "reimbursed" the owner is expecting you to write a check to him totalling the expenses, right? That's all you need to do...

That said, if the expenses are for last year, you will need to do a journal entry that debits the various expense accounts and credits his draw account (since he used personal money to pay for the expenses).
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  #3  
Old 01-17-2003, 09:52 PM
fergal fergal is offline
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Thanks Nancy,
Looks like I've got a ton of work ahead of me. All of this was for 2002.

Time to tell the Boss not to do that anymore.

fergal
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Old 01-17-2003, 09:54 PM
NancysBL NancysBL is offline
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When I have clients who do a lot of that, I tell them to submit the expenses once a month and, providing there is $$, I'll write a check...or book it against draw.
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