When you’re starting out in business, there can be lots of things to get set up in a short space of time, including bills that need to be paid promptly. This can mean not all of your business expenses get captured through your business bank account. There are also items that need purchasing online using a credit or debit card, and if your business doesn’t have one, then it goes on your personal card.
The questions are:
- How do you record these costs in your business?
- Can you record them as business expenses?
- Most importantly, if you’re GST registered, how do you get your GST claim?
There are a number of different ways as outlined in out blog. It depends somewhat on the type of accounting system you’re using.
We recommend recording these costs promptly so you don’t have to try and remember at the end of the year whether you’ve purchased anything personally.