Hi John! This was really helpful, thanks! An additional question I hope you can help with. How would I go about recording expenses I paid on the owner behalf that will be deducted from the amount I send to him? I know it would go in the Due From Owner account but what account would that offset? I paid these expenses through my personal credit card before my LLC business checking was established. Should I also set up a liability account as a Due to/from (my name) for the reimbursement to myself for those expenses? This way I keep everything separate and not record them as my expenses? In addition, would I record these expenses through a JE or set up a vendor account for my CC? I hope that makes sense!
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