Bookkeeping – Quick tip – Don’t use “Miscellaneous” or “Sundry” all the time for Miscellaneous expense in the accounts
If you use a “Miscellaneous Expense” or “Sundry” account, it can indicate lazy bookkeeping. It is also no help when you or the bank reads your Profit & Loss! What is in that account will be the question!
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 in the transaction, to fully describe the expense, and invoice number if not using purchases. 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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March 16, 2017 at 11:55 am
I would like to add, when you do not already have an insurance policy or perhaps you do not remain in any group insurance, you could possibly benefit from seeking aid from a health insurance broker. Self-employed or those with medical conditions commonly seek the help of a health insurance specialist. Thanks for your text.
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March 21, 2017 at 6:16 am
Thank you Citpoliraka – good info to consider – always best to be prepared for the unexpected!
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