Where's the time machine?
I taught myself some bookkeeping basics so I can have intelligent conversations when I can finally pay for a bookkeeper.
Like many, I started a small business using personal credit cards to pay for everything. As a thought exercise I was thinking about how I might do things differently with the knowledge I have now.
I could have liquidated the CC (via intro % rate cash advance check) into my checking account and then capitalized my business account with those funds. Then I could pay startup costs from my business account right from the start.
I imagine I'd create a liability account for the principal CC "loan" and an expense account for the interest in my biz books. How would you handle this since the CC payments are being charged to me personally, but that debt was used to fund my business?
Thanks for your input!