“We find that businesses like using their BizX dollars to advertise and promote their business. BizX is a win-win for all parties.” – Jim Lee, Founder of Hometown Values. BizX Member since May 2003.
Reporting & Tracking
Tracking your BizX account is no different than your bank account.
BizXchange acts as a third-party record keeper, just like a bank. Each month you receive a statement detailing recent transactions, current balance and any fees due. All transactions are recorded pursuant to trading procedures, policies, rules and regulations of BizXchange and the IRS.
In accordance with Generally Accepted Accounting Principles (GAAP), you record all transactions at fair market value. You simply create an additional bank account in your General Ledger to record all BizX dollar transactions. Similar to a cash sale, when a sale occurs, the revenue account is credited and the BizX account is debited. When purchases occur, the asset, or expense, account is debited and the BizX account is credited. The BizX ledger will equal the balance of your BizX statement at the end of the month.
