Check out this great video from Wayne Burgan, which explains how you can manage and record your business and personal expenses.
Tip:
- Have Separate Accounts for Business and Private Expenses
- Keep All Your Receipts
- Use a Separate Credit Card for Your Business
- Understand What is a Business Expense and What isn’t
Source: http://www.cashflow-manager.com.au/Blog/TabId/108/ArticleId/93/language/en-US/small-business-deadly-sin-5-not-separating-private-and-business-expenses.aspx