Comments on: Starting a business and not sure how to move transactions from personal account to business account? http://www.biznewsvine.org/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/ Thu, 15 Sep 2011 00:02:34 +0000 hourly 1 By: Susie T http://www.biznewsvine.org/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/comment-page-1/#comment-2566 Susie T Mon, 01 Mar 2010 00:01:46 +0000 http://www.biznewsvine.org/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/#comment-2566 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 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

]]> By: T E http://www.biznewsvine.org/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/comment-page-1/#comment-2567 T E Mon, 01 Mar 2010 00:01:46 +0000 http://www.biznewsvine.org/starting-a-business-and-not-sure-how-to-move-transactions-from-personal-account-to-business-account/#comment-2567 record as follows: dr expenses XX cr loan payable XX record as follows:

dr expenses XX
cr loan payable XX

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