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May 25, 2024 5:09 PM UTC
Question

Should i enter lottery tickets purchases as meals and entertainment? or another category? thanks!

my boss has been purchasing NC Lotto tickets. How should I enter these transactions? Meals and Entertainment?

1 reply

BigRedConsulting
Jun 2, 2024 7:05 PM UTC

No. Lottery tickets are not business expenses.

 

Of the owner is spending business money on lottery tickets, it's like a draw from owner's equity. Use an Equity account for this sort of non-business purchase by the owner.