Hi,
Im a new small business owner and run an electrical contracting company out of my home in BC Canada. Looking to get some guidance on how to properly record and write off a percentage of the bills that apply to running the business. For example i use Star Link internet, Should i be paying for this on my personal card or business card? and how do i track the personal % and business % on quickbooks?
Does paying 100% of the bill on the business card then sending the appropriate % of the bill from my personal account to the business account as a repayment of loan from shareholder make sense? or should it be done differently? I live in a small town and the few book keepers here dont have room to take me on so figuring out things on my own for now.
Thanks
You should be paying bills using your business card unless there’s insufficient credit then your personal card will top up but everything to do with business should be easily tracked using the business card.