Hi all
I need to start getting our books up to date, and I'm looking for some practicle answers, please
If myself and my wife has invested a bit of cash, and some goods (PC's, furniture, office supplies, etc) to the business in the beginning, but the business couldn't pay as yet, how do we proceed to get that money back, on the books?
If we want to put interest on it, what is the recommended rate?
Do we need to put interest on the total amount, over a yearly period, or how does it work?
What happens if a salary couldn't be paid on some of the months? Do we back-pay it, or do we put it on as a loan amount as well?
We use Quickbooks 2008, so any practical tips on this would be appreciated as well, but general book keeping stuff is fine too.
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