I'm a bookkeeper for a in home daycare and ive been recording the meal expenses based on the receipts that I get from the business owner every month and matching it to the bank transactions. She tell me that expenses for food should be higher because she provides lunch and snacks for some of the children. she doesn't have record of saying she fed the children that day except for the contract on some of the parents where she states that she will provide food for them. she also has attendance records. she wants to estimate the amount but I tell her that's not how it works. based on the standard meal allowance it allows an amount per meal and snack. my question is about the record keeping. she only has attendance and contract statements about meals. now is this enough for auditors?
also car depreciation. she already had a paid car when she started the business. so its not a new purchase. also not a new car. its maybe 10 years old or more. so can it still be depreciated?
also car depreciation. she already had a paid car when she started the business. so its not a new purchase. also not a new car. its maybe 10 years old or more. so can it still be depreciated?
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