reimbursement within partnership
One partner has spent money on business development (travel, phone, etc). How to reimburse his expenses after partnership got project and money from customer?
Great questions! You can set the partner up as a vendor and write them a check to reimburse them for the business expenses that were paid out of pocket. When making the payment, be sure to use the proper accounts to reflect the expense type (travel and phone etc).
Crystalynn Shelton, CPA