Starting a business and not sure how to move transactions from personal account to business account?

I have outlayed multiform thousands of dollars upon the brand brand brand new commercial operation (Recording studio), as well as I’ve done those purchases in my personal checking account. Now, I am starting the brand brand brand new commercial operation comment to keep things separate, though is there a little approach to “move” those identified commercial operation exchange to the brand brand brand new account?

Tagged as: account, Business, From, Move, Personal, Starting, sure, transactions

{ 2 comments… read them below or add one }

T E August 7, 2010 at 8:11 am: record as follows:

dr expenses XX
cr loan payable XX
Susie T August 7, 2010 at 8:24 am: Get your business accounts opened. Then transfer money into the business checking account.

Pick your start date (date you “opened” for business). Your previous expenses are “startup” costs and are mostly deductible over several years, not in your first year of business. So keep track of them, but they don’t really feed into your new business accounts.

Info from the IRS on startup costs:

http://www.smallbusinessnotes.com/fedgovernment/irs/583/startup.html

STARTING A BUSINESS AND NOT SURE HOW TO MOVE TRANSACTIONS FROM PERSONAL ACCOUNT TO BUSINESS ACCOUNT?

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