How to record multiple transacitons from different vendors but owed to owner

info-constructio · ‎March 06, 2023

Hello,

I am new to quickbook, and I am trying to do the quickbooks for my partner small company.

We couldn't get a company credit card, so he has been paying almost all company expenses with his personal credit card.

Unfortunately I have fall behind and need to enter many transacitons from different months to riemburse him.

So I know there is a template to mass upload transacitons in bulk but not sure if the idea is correct.

FIrst - I needed to create a credit card type chart of account, setup and named Owed to Owner. Is this correct? Would this be under journal entry or Bill or Expense?

Could I then enter the expenses, choosing the Owed to Owner account for reimbursement?

If yes, coud i use a template to enter a single transaction per month with detailed lines per type of expense? e.g Cost of materials, office supplies, etc?

But if this is the case, how can I make sure to track also the vendors for each receipt? e.g Home Depot, Grand&Toy, etc? We need to track these too.

So with this in mind, can you help to find the most effective and best way to upload multiple transactions under different categories, and with different vendors, but all to be reimbursed to the owner?

Thanks very very muh in advance for any guidance you can provide.

May

Alex M · ‎March 07, 2023

Hi there info-contructio,

It's vital that all your transactions be correctly entered so that your books can be well balanced. QuickBooks Online is a great tool able to help you keep track of expenses and sales so you can see the profit of your business. I can point you in the right direction for assistance with these transactions paid by the owner.

In order to enter expenses paid by the owner of the business to be paid later, you can follow the information in this article.

To add an account to the chart of accounts, go to the Accounting tab, then Chart of accounts. Select the new option, then select the type and subtype of account you'd like to use.

In order to know what type and detail type of account to choose, or if there would be another way to track this other than the steps in the article, I recommend speaking to an accountant. They'll be able to provide assistance in making sure everything is entered correctly for your books to be correctly balanced. You can invite your accountant to QuickBooks Online so they can see your books by going to the My accountant tab. You can also find an accountant near you that has experience using QuickBooks by clicking the Find a pro to help button located in that section.

If you have any other questions, feel free to reach out here.

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How to record multiple transacitons from different vendors but owed to owner

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