"Victor Roberts" <xxx[at]lighting-research.com> wrote:

- quote -

Other than that it sucks?

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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There was a question posted over in the QuickBooks forum
that seems like it belongs here. In any case it raises an
interesting question and I want to make sure that my gut
feel is right on this one. (And it might just lighten your
day!)

The poster has an unspecified type of "corporation". He
claims he uses his (corporate?) credit card for just about
everything and accumulates about 200 charges per month.

He doesn't want to be bothered entering each individual
transaction so he just enters the monthly total into
QuickBooks and then somehow classifies them into food,
products, literature, etc. (his categories) using the
receipts. It is not clear if he does a split entry into the
register or finds some other way to put the charges into the
right categories.

Now here is the kicker - he claims that sometimes he has lost the
credit card receipt and, even if he has the receipt, he thinks it is
"annoying" to have to keep track of charges costing less than $20.

Now, I told him that I thought this was rather sloppy but
was not sure it was illegal - except for the fact that meals
are only deductible at 50% and then some like the $1.30 cup
of coffee he mentions is probably not deductible at all
unless the coffee is related to a business meeting or
travel. I did suggest he talk to his accountant.

I record all the business transactions for my C Corp, down
to $0.01, if I had any that small. I believe I am following
the law and can't quite understand this guy.

Any comments about his record keeping system?

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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