Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Hello everyone, I could really use some guidance here.
A small business owner is transferring field stipends and local travel reimbursements from their business account directly into their personal checking account...
I am looking for some clarity regarding the correct transaction models and how to format the reference numbers.
From what I have gathered regarding the payer details, I should be using US-ID-9999, though I am unsure what to enter for the final digit...
As for the recipient, the format seems to be US-ID-40002-code (with the field stipend code being 210)...
My main concern is, what happens if these transfers were already processed without including those specific details? All the standard tax filings and reports have been submitted correctly...
Thank you all so much in advance...
A small business owner is transferring field stipends and local travel reimbursements from their business account directly into their personal checking account...
I am looking for some clarity regarding the correct transaction models and how to format the reference numbers.
From what I have gathered regarding the payer details, I should be using US-ID-9999, though I am unsure what to enter for the final digit...
As for the recipient, the format seems to be US-ID-40002-code (with the field stipend code being 210)...
My main concern is, what happens if these transfers were already processed without including those specific details? All the standard tax filings and reports have been submitted correctly...
Thank you all so much in advance...