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Using a “Miscellaneous” Account is poor Bookkeeping

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If you use a “Miscellaneous Expense” account, it can indicate lazy bookkeeping. It is better to use the closest correct expense account or to add a new account to better capture the expense type. Also use the memo to fully describe the expense. The more detail you put in now, then you won’t have to sift through your papers later to find out what the expense was, or dig out a copy for your accountant (or the taxman).

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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