Recording & Tracking Employee Personal Tool Purchases
This question came up on a discussion list that I belong to over the weekend and I thought "hey, what a great blog post and how to tip this would make"! So here goes! I am bookkeeper for a construction company. Sometimes the workers purchase tools on the company American Express card and write TOC for "Take Out of Check" on the receipt. There are oftentimes material expenses for the company on the same receipt. How do I record this? What they did before was to subtract the amount from the gross wages when called into ADP, so it's kind of a pay advance. But don't advances require the taxes to be taken out? Should I get check breakdown and subtract from net wages instead or treat as a loan?…