When To Expense Bivio Subscription
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When To Expense Bivio Subscription Several days ago (late December), as treasurer of our investment club, I paid for the subscription to bivio via my personal credit card. We do not have a cash account for the club. In January, I will pay my credit card bill. Should this transaction be recorded as my member payment (with expense for bivio services distributed to the membership) in December or January? My guess would be January. Someone correct me if they have a different idea, but for tax purposes credit card is equivalent to a cash payment so it should be expensed in December. John R Baxa wrote: > Several days ago (late December), as treasurer of our > investment club, I paid for the subscription to bivio via my > personal credit card. We do not have a cash account for the > club. > > In January, I will pay my credit card bill. > > Should this transaction be recorded as my member payment > (with expense for bivio services distributed to the > membership) in December or January? > > My guess would be January. |
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