Using credit cards and personal finance for minor expenses

Posts : 1 Reputation : 0 Join date : 2011-03-23

Hi

When starting a company, we usually use our own credit cards for minor company expenses (e.g. to pay $5 for site hosting) or use our personal money for petty expenses (e.g. business meeting with coffee and refreshments or a meal)

Is it required that these expenses be filed into company accounts? For example, if the entrepreneur is ok to forget such small amounts he incurred on his company (which is a private exempt company) and declares all income etc, does Singapore accounting standards still make it mandatory to declare all these expenses in minute detail (complicating the book keeping) ?

In general, is it wrong to personally bear some company expense if the entrepreneur is willing to bear it and forget it?

thanks in advance
perera