I think that is the first phrase I have ever written involving three consecutive Q-words....
OK I recently decided that my PhD and Excel were no match for the accounting and regulatory demands of running a top-flight consultancy. At the advice of my CPA I broke down and bought Quickbooks (Pro 2009, if it matters).
I know some of you are also instigators of creative destruction, and so I turn to you entrepreneurial, computer savvy geeks to rescue me from my overeager key stroking:
I came back from a business trip and first entered in all of my receipts as Bills like a good little boy. Then I went to Pay Bills and selected all of them, then hit Pay (or whatever). I thought it was going to take me to another screen, but instead it processed all of them as if I wanted to pay by printed check, and now is waiting for me to print them.
However, a few of these "bills" were actually my taxi fares, for which I used cash that had been withdrawn from my personal checking account. And the other ones were meals, for which I used my business debit card. So two questions:
(1) How do I reverse the Paid Bills, so that Quickbooks isn't waiting to print these checks out?
(2) What's the best way for me to handle the fact that I paid a business expense with cash from my personal checking account? I can think of at least two solutions:
(a) Enter an influx of cash into the business as Starting Equity (or whatever the term is). Then count the taxi Bills as paid for with business petty cash.
(b) Withdraw the exact amount of cash from the business checking account as I spent on taxi fares, then put that cash into my wallet. Then tell Quickbooks I paid those bills with business petty cash.
I would appreciate any suggestions. Note that I am trying to obey the dictates of both GAAP and the laws of Tennessee.