Freelancetrainer
Well-Known Member
Hi Geeks!
I used my personal credit card to purchase everything I needed to start up my business meaning my business owed the credit card.
Until now, however, I’ve been paying the credit card using my own money on behalf of the business.
The business is now in a position to take over the payments to the credit card. I however, would also like to be able to get my money back from the business. So it’s not income and it’s not taxable, it’s just money I already had. It won’t be an allowable expense as the money has already been recorded as an allowable expense as part of the original start up costs.
How should I record these payments?
I used my personal credit card to purchase everything I needed to start up my business meaning my business owed the credit card.
Until now, however, I’ve been paying the credit card using my own money on behalf of the business.
The business is now in a position to take over the payments to the credit card. I however, would also like to be able to get my money back from the business. So it’s not income and it’s not taxable, it’s just money I already had. It won’t be an allowable expense as the money has already been recorded as an allowable expense as part of the original start up costs.
How should I record these payments?