Hi Amivan2020,
Thanks for reaching out here. Congratulations on your new business! QuickBooks Online understands that paying business expenses with personal funds can happen from time to time. You can reimburse the personal expense and I'd be happy to show you how!
The first step is to record the business expense that was paid for with your personal funds. Here's how;
1. Open + New from the left menu and select Journal Entry
2. On the first line, select the expense account for the purchase
3. Enter the purchase amount in the Debits column
4. On the second line, select Partner's equity or Owner's equity
5. Enter the same purchase amount in the Credits column
6. Hit Save and close.
For the reimbursement , you have two options.
Record the reimbursement as a cheque;
1. Select + New and then Cheque. Or if you're in Business view, follow the steps to switch to Accountant view first. Then come back to these steps.
2. Select a bank account to reimburse the personal funds
3. In the Category column, select Partner's equity or Owner's equity
4. Enter the amount to reimburse
5. Select Save and close or Save and new.
Record the reimbursement as an expense;
1. Open + New and then Expense
2. Select a bank account to reimburse the personal funds
3. In the Category column, select Partner's equity or Owner's equity.
4. Enter the amount of the reimbursement
5. Hit Save and close.
Please don't hesitate to contact us if you require additional assistance. Your success is our number one priority and we'd love to help!
