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Pay for business expenses with personal funds
by Intuit• Updated 1 week ago
Learn how to record business expenses you made with personal funds in QuickBooks Online.
Although we recommend not to mix business and personal funds, we know it happens sometimes. When you reimburse a personal expense, you can record it as a cheque or an expense. Here's how.
Step 1: Record the business expense you paid for with personal funds
- Select + New.
- Select Journal Entry.
- On the first line, select the expense account for the purchase.
- Enter the purchase amount in the Debits column.
- On the second line, select Partner's equity or Owner's equity.
- Enter the same purchase amount in the Credits column.
- Select Save and close.
Step 2: Decide how you want to reimburse the money
For the reimbursement , you have two options.
Option 1: Record the reimbursement as a cheque
- Select + New.
- Select Cheque. Or if you're in Business view, follow the steps to switch to Accountant view first. Then come back to these steps.
- Select a bank account to use to reimburse the personal funds.
- In the Category column, select Partner's equity or Owner's equity.
- Enter the amount to reimburse.
- Select Save and close or Save and new.
Option 2: Record the reimbursement as an expense
- Select + New.
- Select Expense.
- Select a bank account to use to reimburse the personal funds.
- In the Category column, select Partner's equity or Owner's equity.
- Enter the amount of the reimbursement.
- Select Save and close.
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