Posts by Maria Cruz3

Hey there—so, I’ve been running my own LLC since 2016, and I’m not set up for sales tax. Business is pretty small, so I’ve been trying to handle all the bookkeeping myself using this online software—you know, the one that starts with an "e"—but I won't name names here because I’m not looking to run an ad... anyway, I rented out my own space to the business for $67 a month, which was reported to the IRS, but the thing is, back in 2016, I never actually paid the rent to the owner (which was me) and I didn't record any sort of liability for the company. Same goes for 2017. Is it even possible—or how would I go about recording those liabilities for 2016 and 2017... you know, retroactively? I was scrolling through some of your old posts and saw people mentioning how common it is to suddenly receive invoices from previous years. If I can't do it retroactively, what's the best way for me to handle recording the payments and liabilities moving forward?
Sorry for jumping into this thread mid-stream.

Hey there—so, I’ve been running my own LLC since 2016, and I’m not part of the VAT system. Business is pretty small-scale, so I’ve been trying to handle the bookkeeping myself using some online software (starts with an 'e', but I won't name names here to avoid looking like I'm dropping ads). I actually rent my own space out to the company for $67 a month, which is all reported to the IRS, but here’s the catch... back in 2016, I never actually paid the rent to the owner (which was me) and I didn't record any sort of liability for the company. Same exact thing happened in 2017. Is it even possible—let alone legal, I guess—to go back and book those liabilities for 2016 and 2017? Like, retroactively? I was scrolling through some of your posts and noticed people mentioning how common it is to receive invoices from previous years... if that's true. If I can't go backward, though, what's the proper way to handle recording payments or liabilities moving forward?
Sorry for jumping into this thread without warning.