Transfer of petty cash
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Transfer of petty cash I want to transfer 99 dollars from Petty Cash to paid the annual fee for bivio to show it as a tax deduction, but the only choice I have in non deductionable. How do I handle this transaction? Sally Joe Sally Joe, Petty Cash is not a particularly good idea, and was never meant for legitimate club expenses. Since you have some money in there, you could transfer it to your regular cash account, and then enter a normal expense for the bivio renewal, which you can then make deductible as it should be. Gene Rooks, Orlando Sally Joe Kimbel writes: > I want to transfer 99 dollars from Petty Cash to paid the > annual fee for bivio to show it as a tax deduction, but the > only choice I have in non deductionable. How do I handle > this transaction? We strongly recommend and have always recommended you close out your petty cash account. Simple enter a non-deductible expense for the total balance in Petty Cash, and then a *negative* expense for the same amount in the account where the money actually resides. If you email support@bivio.com, we'll create the entries for you. Cheers, Rob |
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