money received by a business from the proprietor
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Answer:
When you're putting your own money into your business, you'll either book it as equity or a loan. Most business owners book this transaction as a contribution (meaning equity in the business), so this is the process we'll cover in this article.
Answer:
Separate Banking Arrangement
Open a separate bank account for your business transactions. The bank statements can act as a basic accounting system for the money earned by your sole proprietor business, the expenses paid by your business and how much money the business has paid out to you. A separate bank account gives you a monthly picture of how your business is doing. The separate bank account also makes it easier to pay yourself money you have earned from the business and not use money that is needed to keep the business running.
Bookeeping and Invoices
As the financial transactions of your proprietor business become more numerous, a form of bookkeeping becomes a greater necessity. You can hire someone to handle the books, or you can use an available bookkeeping software system and handle your own data entry. A method to generate professional invoices is necessary if your business provides services or products for which you get paid at a later date. An invoicing system helps keep track of who owes you money and how much.
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