The following general ledger/commitment items are used to record expenses as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...

You can streamline the tracking process by keeping your business and personal expenses separate. For example, most business owners open a dedicated business bank account or business credit card ...

Other examples ... its financial statements wouldn't reflect the actual level of economic activity within each specific reporting period. The same could occur with expenses not being allocated ...