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learningthisstuff
Level 2
posted
‎August 22, 2019 06:13 AM
last updated ‎August 21, 2019 1:13 PM

Personal Expenses put in by error. What to do?

Hi, 

My accounts were a mess. I bought personal things with the business cards (and vice versa). 

(It's for a PTY LTD Company) 

 

How should I classify them? 

Or is there a way to exclude them? 

 

I already entered them as EXPENSES (I created an entry in the Chart of Accounts 'Personal Expenses' under 'Expenses'), which I realise now isn't correct. So, what is best way to proceed (i.e. Can I bulk exclude them?) or Should I reclassify them all? And if so, to what? 

Thanks 

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1 Comment 1
FritzF
Moderator
Moderator
‎August 22, 2019 07:10 AM

Personal Expenses put in by error. What to do?

Thanks for reaching out to the Community, @learningthisstuff.

 

You're already in the right track! Recording it as an expense is the first step when you pay for personal expenses using business accounts or funds. After that, enter a deposit to reimburse the company.

 

Here's how:

 

1. Click the Plus icon at the top to get to the Bank Deposit.

2. Choose the Account where you want to add the reimbursement.

3. Now, go to the Add funds to this deposit section and enter the following:

  • Received From - specify who the deposit is from.
  • Account - where it's coming from.
  • Payment Method.
  • Amount of reimbursement.

4. Once done, hit Save and close.

 

For additional resources, consider checking out these articles:

 

 

I hope this response finds you with a smile. Please let me know if you have any other issues or concerns by leaving a comment below. I'll be here to help. Have a great rest of the day!

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