Question

Editing business expenses paid with personal credit card

Forum|Forum|3 years ago
October 11, 2022
3 replies
87 views

I have recorded business expenses paid with a personal credit card. These expenses were attached to the “Cash” account in my chart of accounts and each has a receipt image file uploaded and attached. Based on what I’ve read here, I suspect that these expenses should have been recorded under “owner contribution” or something similar. I’d like to fix this but can’t seem to figure out how. Screenshots below should highlight the situation.

C

Carneil_C

Level 6

Thank you for laying out the details of your concern and adding a screenshot to this post, @ALARA1. I want to ensure your concern with recording your business in QuickBooks Online gets sorted out so you'll be able to get back to business in no time.

Please know that we don't recommend mixing business and personal. Thus, it happens sometimes. When reimbursing a personal expense, you can either delete or edit your existing transactions so we can record it as a check or expense.

First, record the business expense you paid with personal funds using a Journal Entry. I'll show you how:

Go to + New and select Journal Entry.
From the first line, choose the expense account for the purchase.
Enter the purchase amount in the Debits column.
From the second line, choose Partner's equity or Owner's equity.
Enter the same purchase amount in the Credits column.
Click Save and close.

Once done, you can now reimburse the money by using two options. To help you decide which option to use, check out this article for the detailed step-by-step process: Pay for business expenses with personal funds.

If you need further assistance recording a Journal Entry, you can reach out to your accountant to guide you with the process to ensure that your books are accurate and to avoid messing up the data.

Moreover, I'm also adding these helpful resources for you to review that might be helpful if you pay for personal expenses from a business bank account:

Keep me posted if you still have questions or concerns about managing your business expenses in QBO. I'll be around for you. Have a great day!

A

ALARA1Author

Thanks for your reply. I think I understand all of that. However, I’m not clear on how to transfer the already existing expenses, with receipts and other information attached, into this journal.

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ChristineJoieR

QuickBooks Team

I hear your sentiments, @ALARA1.

I'm here to share insights about transferring expenses with the receipts in QuickBooks Online.

We're unable to move existing transactions together with the attachments. Since this option is unavailable in QuickBooks, the only way to move them is through a manual procedure. However, we can utilize a third-party apps to do this process.

Furthermore, we have a number of applications that can integrate with QuickBooks Online. This enables you to automate workflows, bookkeeping, invoicing, data entry, and other processes. These simple integrations help businesses run smoothly by streamlining operations.

You can view available apps by visiting this link: : QuickBooks App Store. Select an app from the CATEGORIES section that best fits your needs.

I'm also adding this article for your guide on how to manage receipts in QuickBooks Online. Then, in the Receipts tab, you can adjust the receipt, add it to an account, or match it to an existing transaction.

Please come back to this thread if you need more assistance with managing your Chart of Accounts in QuickBooks. Have a great day.

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