Ok, to make a long story short. My husband went into business for himself 4 years ago (against my objections). I do not know much about business accounting, but I have had to learn due to this bk. We have to fill out a business examination and I have done most of it just fine. What is throwing me for a loop is the profit loss statement. It is very different from quickbooks and a lot of categories just don't exist. The only one I am having real trouble with is that my husband had to pay for some damage that a subcontractor caused. The payments were made to an insurance company and they were substantial. To the tune of several thousand dollars last year. Anyone have any idea if these payments would even count as business expenses and if so, what would I put them under? .
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From my understanding, they would count as a business expense. -
Harris, thanks for your reply. I went ahead and listed them as an expense under insurance. If we get questioned on it I think we have a valid answer as to why they are an insurance expense.Comment
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Yes, paying for damages related to business is a business expense. If you have quickbooks, you can do most anything you need with them. Quickbooks is great!All information contained in this post is for informational and amusement purposes only.
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