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Bookkeeping – Tip – Avoid using Miscellaneous or Sundry Accounts
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Published on Thursday, 21 November 2019 17:35
By using a “Miscellaneous Expense” or “Sundry” account, it can indicate lazy bookkeeping.
It is also no help when you, your accountant or the bank (!) reads your Profit & Loss!
What is in that account will be the question you are asked!
It is better to use the closest correct expense account or to add a new account to better capture the expense type. Also use the memo in the transaction, to fully describe the expense, and invoice number if not using purchases. The more detail you put in now, then you won’t have to sift through your papers later to find out what the expense was, or dig out a copy for your accountant (or the taxman)!
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