Truelite Trading Sdn Bhd
by Elaine Ho
Hi Kathy, my question is my boss every month take 1000 money for entertainment but no bill submission so this account i need entry to where?
Ask your boss for receipts. Tell him or her that you need them in order to keep good business records, and post the expenses correctly, and to justify the deduction. Are you certain these are business entertainment costs? Or personal entertainment?
If your boss in a Sole Proprietor, you could post the $1000 as an Owner Draw until he substantiates the expenses.
If you can't get receipts, and your boss says they are business costs, not personal, then make not of that and post to "Meals & Entertainment Expense".
Hope that helps!