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A
awco
November 16, 2017
Solved

Paid business expense with personal account

  • November 16, 2017
  • 1 reply
  • 25 views

I paid a business expense with my personal account. How can I reimburse myself without looking like I'm just taking a draw?

I'm still new at quickbooks, please be detailed on answers. Thanks!

    Best answer by AliciaRoy

    Thank you!

     

    Sorry, I'm still very new at QB.

     

    on expense:

    - Bank account: Do I add new: Owner's name?

    - Amount: Business bank, where reimbursed mmoney is coming from?

    -Payment Method: Do I add new.. my personal bank info? I would like it to be transferred to my personal bank account.

    - Account: What should I use here? what the charge/expense I paid for with my personal account, is that what I put?

     

    Sorry again.

     

     

     


    No need to apologize, awco. It can take some time getting used to a new program, and I'm happy to lend a hand. 

     

    • For the bank account field, you can either choose a bank account or a petty cash account. This is the account that the reimbursement money is coming from, so it'd be a business account, not your personal account.
    • Yes, you can enter your own name in the Payee field.  
    • The amount is where you'd add how much you're being reimbursed for. 
    • The payment method is how the business is paying you back. If it's a bank transfer, you can add that as a new payment method. 
    • You'd enter the owner's equity account under account details. 

    Please let me know if this helps. 

    1 reply

    AliciaRoy
    AliciaRoy
    Level 1
    November 16, 2017

    Hi awco, 

     

    I'm glad you reached out to the Community for clarification, and I'd love to help you record this reimbursement. 

     

    Before I provide you with the steps, can you please clarify if you're using QuickBooks Online or QuickBooks Desktop? The process may vary from product to product, so I want to ensure we're on the same page. 

     

    I'll keep an eye out for your reply so I can share that answer as soon as possible. 

    A
    awcoAuthor
    November 17, 2017

    Online. Thanks!

    AliciaRoy
    AliciaRoy
    Level 1
    November 17, 2017

    My pleasure! 

     

    Here are two ways to record the reimbursement in QuickBooks Online: 

     

    1. Reimbursement by check/cheque:

    • Click the + sign and select Check/Cheque.

    • Bank Account: The account you reimburse from (bank or petty cash). 
    • Pay to the Order of (Choose a Payee): Yourself or your partner. You can also leave this blank. 
    • Amount:  Amount to reimburse yourself.
    • Account: Owner's equity or Partner's equity. 
    • Customer: Leave empty, even if you recorded a customer in the Name field above.
    • Click Save or Save and Print.

     

     

    2. Using an Expense:

    • Go to the + sign and select Expense.
    • Purchased From (Choose a Payee): Yourself or your partner. You can also leave this blank.  
    • Bank Account: The account you reimburse from (bank or petty cash).  
    • Payment Method
    • Account: Owner's equity or Partner's equity.
    • Amount:  Amount to reimburse yourself.
    • Customer: Leave empty, even if you recorded a customer in the Name field above.
    • Click Save. 

    Here is the article those steps came from, just in case you'd like more details: https://community.intuit.com/articles/1145751. Please let me know if you need anything else. 

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