What categories do I use when I reimburse owner for using his own

My husband and I have a small business.  He prefers to use his personal 
American Express card to charge everything for the business and for personal 
items.  He wants the points.  

However, at the end of the month, he pays Amex with a check out of his 
personal checking account and I add up all the receipts for items he charged 
for the business and write him a check from the business to reimburse him.  

This is probably Accounting 1-0-1 but what are the proper categories & 
sub-categories to record this transaction?  I use MS 2005 Small Business but 
own practically every year prior. 
Thanks!
0
RobynM94 (3)
4/6/2005 6:59:02 AM
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Hi Robyn,

When you write out the check from the business to reimburse him, that's when 
you should assign the proper categories (such as office supplies, inventory, 
etc.) for those transactions.

Hope this helps,

Krista

"RobynM94" wrote:

> My husband and I have a small business.  He prefers to use his personal 
> American Express card to charge everything for the business and for personal 
> items.  He wants the points.  
> 
> However, at the end of the month, he pays Amex with a check out of his 
> personal checking account and I add up all the receipts for items he charged 
> for the business and write him a check from the business to reimburse him.  
> 
> This is probably Accounting 1-0-1 but what are the proper categories & 
> sub-categories to record this transaction?  I use MS 2005 Small Business but 
> own practically every year prior. 
> Thanks!
0
Krista (42)
4/7/2005 6:23:06 PM
Thanks Krista.  I have been entering the receipts as he gives them to me and 
recording the categories then.  Should I not?  If I also assign the 
categories when I reimburse him won't that double the numbers?

"Krista" wrote:

> Hi Robyn,
> 
> When you write out the check from the business to reimburse him, that's when 
> you should assign the proper categories (such as office supplies, inventory, 
> etc.) for those transactions.
> 
> Hope this helps,
> 
> Krista
> 
> "RobynM94" wrote:
> 
> > My husband and I have a small business.  He prefers to use his personal 
> > American Express card to charge everything for the business and for personal 
> > items.  He wants the points.  
> > 
> > However, at the end of the month, he pays Amex with a check out of his 
> > personal checking account and I add up all the receipts for items he charged 
> > for the business and write him a check from the business to reimburse him.  
> > 
> > This is probably Accounting 1-0-1 but what are the proper categories & 
> > sub-categories to record this transaction?  I use MS 2005 Small Business but 
> > own practically every year prior. 
> > Thanks!
0
RobynM94 (3)
4/9/2005 5:29:02 AM
I would only assign categories when you reimburse him (write out the check) 
as so that you won't double the numbers.  Does that make sense?  I don't 
think I understand how you are accounting for it before you reimburse him.  
This sounds like a dumb question, but you do keep personal and business 
financial records separately, correct?

Krista

"RobynM94" wrote:

> Thanks Krista.  I have been entering the receipts as he gives them to me and 
> recording the categories then.  Should I not?  If I also assign the 
> categories when I reimburse him won't that double the numbers?
> 
> "Krista" wrote:
> 
> > Hi Robyn,
> > 
> > When you write out the check from the business to reimburse him, that's when 
> > you should assign the proper categories (such as office supplies, inventory, 
> > etc.) for those transactions.
> > 
> > Hope this helps,
> > 
> > Krista
> > 
> > "RobynM94" wrote:
> > 
> > > My husband and I have a small business.  He prefers to use his personal 
> > > American Express card to charge everything for the business and for personal 
> > > items.  He wants the points.  
> > > 
> > > However, at the end of the month, he pays Amex with a check out of his 
> > > personal checking account and I add up all the receipts for items he charged 
> > > for the business and write him a check from the business to reimburse him.  
> > > 
> > > This is probably Accounting 1-0-1 but what are the proper categories & 
> > > sub-categories to record this transaction?  I use MS 2005 Small Business but 
> > > own practically every year prior. 
> > > Thanks!
0
Krista (42)
4/9/2005 5:23:56 PM
Yes, Krista.  It makes sense.  THanks so much!  What I think I will have to 
do is save up the receipts he gives me until the end of the month & when I 
reimburse him for them I will attach them to a copy of the check and file it 
away.  Does that sound right?
Also, how do I print out a report in MS Money that only has the entries with 
the box checked "REIMBURSABLE"?    Thanks so much!
RObyn

"Krista" wrote:

> I would only assign categories when you reimburse him (write out the check) 
> as so that you won't double the numbers.  Does that make sense?  I don't 
> think I understand how you are accounting for it before you reimburse him.  
> This sounds like a dumb question, but you do keep personal and business 
> financial records separately, correct?
> 
> Krista
> 
> "RobynM94" wrote:
> 
> > Thanks Krista.  I have been entering the receipts as he gives them to me and 
> > recording the categories then.  Should I not?  If I also assign the 
> > categories when I reimburse him won't that double the numbers?
> > 
> > "Krista" wrote:
> > 
> > > Hi Robyn,
> > > 
> > > When you write out the check from the business to reimburse him, that's when 
> > > you should assign the proper categories (such as office supplies, inventory, 
> > > etc.) for those transactions.
> > > 
> > > Hope this helps,
> > > 
> > > Krista
> > > 
> > > "RobynM94" wrote:
> > > 
> > > > My husband and I have a small business.  He prefers to use his personal 
> > > > American Express card to charge everything for the business and for personal 
> > > > items.  He wants the points.  
> > > > 
> > > > However, at the end of the month, he pays Amex with a check out of his 
> > > > personal checking account and I add up all the receipts for items he charged 
> > > > for the business and write him a check from the business to reimburse him.  
> > > > 
> > > > This is probably Accounting 1-0-1 but what are the proper categories & 
> > > > sub-categories to record this transaction?  I use MS 2005 Small Business but 
> > > > own practically every year prior. 
> > > > Thanks!
0
RobynM94 (3)
5/7/2005 6:20:03 AM
Hi Robyn,

That sounds right to me.  However, I'm afraid I do not know the answer to 
your second question (how do I print out a report in MS Money that only has 
the entries with the box checked "REIMBURSABLE"?), as I only have Microsoft 
Money Premium 2005, and I only have an accounting degree...lol ;).

But I do know that in MS Money Premium 2005, you go to the Banking tab and 
then click "Account Tools" below it and then choose "Categories & Payees" - 
and then double-click on the category you'd like to see (maybe one of them is 
"Reimbursible" in your version?).  Once there, double-click the bar for the 
month you'd like to see and click the button "Create a report"...  From there 
you can print it, but what I just said would only be helpful to you only if 
"Reimbursible" was considered a category.  Maybe you could find some of those 
similar functions for that "Reimbursible" box that you check for each 
transaction (as this is unheard of for me as I've never used the Small 
Business version).

I certainly hope this helps, but if not, I wouldn't hesitate to post it as a 
new question, as somebody else who does own MS Money Small Business 2005 
would be able to help you as well.

Sorry I can't help you any further, and good luck!

Krista

"RobynM94" wrote:

> Yes, Krista.  It makes sense.  THanks so much!  What I think I will have to 
> do is save up the receipts he gives me until the end of the month & when I 
> reimburse him for them I will attach them to a copy of the check and file it 
> away.  Does that sound right?
> Also, how do I print out a report in MS Money that only has the entries with 
> the box checked "REIMBURSABLE"?    Thanks so much!
> RObyn
> 
> "Krista" wrote:
> 
> > I would only assign categories when you reimburse him (write out the check) 
> > as so that you won't double the numbers.  Does that make sense?  I don't 
> > think I understand how you are accounting for it before you reimburse him.  
> > This sounds like a dumb question, but you do keep personal and business 
> > financial records separately, correct?
> > 
> > Krista
> > 
> > "RobynM94" wrote:
> > 
> > > Thanks Krista.  I have been entering the receipts as he gives them to me and 
> > > recording the categories then.  Should I not?  If I also assign the 
> > > categories when I reimburse him won't that double the numbers?
> > > 
> > > "Krista" wrote:
> > > 
> > > > Hi Robyn,
> > > > 
> > > > When you write out the check from the business to reimburse him, that's when 
> > > > you should assign the proper categories (such as office supplies, inventory, 
> > > > etc.) for those transactions.
> > > > 
> > > > Hope this helps,
> > > > 
> > > > Krista
> > > > 
> > > > "RobynM94" wrote:
> > > > 
> > > > > My husband and I have a small business.  He prefers to use his personal 
> > > > > American Express card to charge everything for the business and for personal 
> > > > > items.  He wants the points.  
> > > > > 
> > > > > However, at the end of the month, he pays Amex with a check out of his 
> > > > > personal checking account and I add up all the receipts for items he charged 
> > > > > for the business and write him a check from the business to reimburse him.  
> > > > > 
> > > > > This is probably Accounting 1-0-1 but what are the proper categories & 
> > > > > sub-categories to record this transaction?  I use MS 2005 Small Business but 
> > > > > own practically every year prior. 
> > > > > Thanks!
0
Krista (42)
5/12/2005 1:20:01 AM
Reply:

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