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May 25, 2024
Question

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

  • May 25, 2024
  • 1 reply
  • 5 views
my boss has been purchasing NC Lotto tickets. How should I enter these transactions? Meals and Entertainment?

1 reply

BigRedConsulting
Level 15
June 2, 2024

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.