Personal Money - Company Bills
(Cold Lake, Alberta)
Transferring personal money to pay company bills
I have been buying material and supplies for my small business. I also got a farm loan to purchase some land, and I will be paying it back right now with personal funds.
Can I claim any of this back, and how would I get any of this money back later on?
I'm not sure by reading your question if your business is a farm or something else.
My suggestion to you is to start by reading my article on How To Create An Audit Trail
and the article called Managing the Books Yourself
There is some overlap between the two articles ... because there are some basic things you need to be concerned about ... such as keeping your personal finances separate from your business finances. I explain how to do that.
The Audit Trail
article does have a section that explains how to reimburse yourself if you have used your personal funds for business expenses ... look for the subtitle Expense Reports - Keep it to a Minimum
Without a few more details, that is all I can suggest for the time being. If after reading the information, you have more questions ... just post back here by clicking on the "comments" link below.
Have a great night!