📝Sit down with the client to understand the problem and identify personal transactions.
✅Categorize personal expenses as an equity account to separate them from business expenses.
🔎Use Google to identify vendors for transactions that you're unsure of.
📝Send lists of mystery transactions and personal expenses to the client for verification.
🖥️Prevention is key - have conversations with the client to identify the root cause and implement better systems.
What is the first step in dealing with personal transactions mixed with business transactions?
—The first step is to have a conversation with the client to understand the problem and identify personal transactions.
How should personal expenses be categorized in bookkeeping?
—Personal expenses should be categorized as an equity account to separate them from business expenses.
What should you do if you're unsure about a vendor for a transaction?
—You can use Google to identify vendors for transactions that you're unsure of.
How can you verify the accuracy of transactions categorized as personal expenses?
—Send lists of mystery transactions and personal expenses to the client for verification.
How can you prevent personal transactions from mixing with business transactions in the future?
—Have conversations with the client to identify the root cause and implement better systems to prevent the issue.
00:00Learn how to handle personal transactions mixed with business transactions in bookkeeping.
02:19Sit down with the client to understand the problem and identify personal transactions.
04:02Categorize personal expenses as an equity account to separate them from business expenses.
05:59Use Google to identify vendors for transactions that you're unsure of.
06:39Send lists of mystery transactions and personal expenses to the client for verification.
08:18Prevention is key - have conversations with the client to identify the root cause and implement better systems.
