Ask Experts Questions for FREE Help !
Ask
    kalipaint's Avatar
    kalipaint Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jun 24, 2007, 03:49 PM
    Do I need to close out Misc Expense every month
    Hi,
    In our business we buy water and pop for the office. I record it as Debit - Misc Expense, Credit - Cash. Do I need to close out this account every month? Or do I carry the balance over every month like I do the other accounts? I do not close out any other accounts monthly. If so, how would I do that? Thank you in advance.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jun 24, 2007, 08:22 PM
    No, you do not have to close the account at the end of the month.

    If you keep all your other expense accounts open until the end of the fiscal year, there is no reason you can't do the same thing with this account.
    bhet's Avatar
    bhet Posts: 77, Reputation: 9
    Junior Member
    		  
    #3

    Jun 25, 2007, 12:58 AM
    Yap. I agree with CaptainForest, you don't need to close misc exp every month. It is treated like other normal expenses. It is closed at the end of each acctg year or fiscal year w/c ever the company is using.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

1099-Misc for non business related expense [ 9 Answers ]

:mad: This year I paid a contractor to build a deck for me. Long story short... he didn't I sued, I won, he lost, he left town. So, I have a $5000 judgment which is worthless but I want to get him. I would like to send him a 1099-Misc for the $3100 I paid him, wait a year, contact the IRS and...

Moving Expense and Traveller Expense [ 1 Answers ]

Brief History: I came to US on F1 in 2001 and graduated in 2003. I have been employed from October, 2003 on my OPT and my H1 started in May, 2004. I changed my employer in 2004 and in 2005 I had to leave the country to be with my family in my home country. I was out of the country from April 2005...

If my apartment lease expires and I am on a month-to-month [ 2 Answers ]

If my apartment lease expires and I am on a month-to-month (and paying an additional 105/mo to do so) do I still have to give the 60 days notice in the contract?

Delaware month to month tenant notification of moving out [ 2 Answers ]

Information on the Delaware notification of intent to vacate premises for month to month Tenants. Property management office states you need to give them sixty day notice And then I heard you only have to get a 30 day notice which is it. :confused: royal

Gas line & dryer vent pipe - how close is too close? [ 1 Answers ]

I'm rerouting the gas dryer vent piping so that it will inside the adjoining stud wall. At the top of the wall the vertical exhaust pipe will be within an inch or two of the horizontal running copper gas supply line. Question - is there a minimum distance that the metal dryer exhaust pipe must...

View more questions Search