With PayPal being used now by many people, that is the primary way clients pay me in my business. I also pay a couple things from that account using the PayPal debit card. I know we have to turn in bank statements, but has anyone specifically been told to turn in statements from PayPal as well if they use that account similarly to a checking account? I'm curious because I have printed out income received through PayPal but not a statement showing expenses as well, although I should because I consider PayPal fees a business expense.
Also, we have been cashing paychecks and spending the cash for bills - paying cash or buying money orders - for years and barely use our checking account. I keep track of expenses using Quicken and a written budget just as I've done for years. Is that frowned upon and will it show a red flag or should we start using the checking account and debit card in the future?
Also, we have been cashing paychecks and spending the cash for bills - paying cash or buying money orders - for years and barely use our checking account. I keep track of expenses using Quicken and a written budget just as I've done for years. Is that frowned upon and will it show a red flag or should we start using the checking account and debit card in the future?
Comment