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Our CEO made some personal purchases with a company credit…

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Our CEO made some...

Our CEO made some personal purchases with a company credit card. I recorded them in a BS account. They were supposed to be offset with expense reports.. Now he has given me personal credit card receipts for other items to offset these. My logic is that this will only work if these items were business related, since I still have to expense the cost somewhere. Otherwise I don't know how else to record these - am I correct in my thinking?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Its a private company - he is the major partner.

Submitted: 8 months ago.Category: Finance
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Answered in 3 minutes by:
12/7/2017
Financial Professional: bkb1956, Finance Enthusiast replied 8 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,690
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The CEO needs to provide substantiating documentation that the purchases were business related. Are the personal credit card receipts for business related items?

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Customer reply replied 8 months ago
I am trying to ascertain that now. Think I have it figured out. Thx
Financial Professional: bkb1956, Finance Enthusiast replied 8 months ago

My pleasure.

Please let me know if I can assist you further.

Best regards,

Barb

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