Paying for business expenses with personal credit card

Hi mbap13,

It's a pleasure to see you in Community.  Welcome!  QuickBooks Online enables you to record business expenses that you've paid with your personal funds in just a few steps.  I'd be happy to show you how!

Follow these steps to record the business expense;

1. Open +New from the left menu and select Journal entry

2. Use the ▼ dropdown menu to select the expense account for the purchase, on the first line

3. Enter the purchase amount in the Debits column

4. On the second line, choose the Partner's equity or Owner's equity account

5. Enter the same purchase amount in the Credits column

6. Hit Save and close

To reimburse the funds, you have two options.  I'll provide both and you can determine the best fit.

Option 1; Record the reimbursement as a cheque;

1. Open +New and select Cheque (If you're in Business view, follow the steps to switch to Accountant view first)

2. Select a bank account to use for reimbursing the personal funds

3. In the Category column, choose Partner's equity or Owner's equity

4. Enter the amount to reimburse

5. Hit Save and close

Option 2;  Record the reimbursement as an expense;

1. Select +New and then Expense

2. Choose the bank account to reimburse the personal funds

3. For the Category, select Partner's equity or Owner's equity

4. Enter the reimbursement amount

5. Hit Save and close

You're all set!

Please don't hesitate to reach back out if you have other questions.  We'd love to help!

Thank you, what is the best practice if I would like to input the receipts from these said expenses/owner contribution. If I add them as receipt under get things done will it enter them again if I have already done a journey entry?

Hi mbap13,

Welcome back!  QuickBooks Online understands how valuable your time is, making it easy for you to upload your receipts and bills.  QuickBooks will automatically create transactions for you to review, then you can edit, categorize or match them to an existing transaction from the Receipts tab in the Banking section.  Another amazing feature is Bank Rules.  Setting up bank rules will automatically categorize your transactions based on the preferences you've set for each rule.  With regards to the journal entries,  you can void/delete them to avoid duplicate entries as necessary.  Please keep in mind, deleting an item cannot be undone.  Transactions that have been marked void/deleted in error, will need to be re-created.  It's a good idea to print them or save them to a file on your desktop before you proceed.  Here's how;

1. Open +New from the left menu and select Journal entry

2. Click on the history icon in the top left (looks like a clock)

3. Scroll down and hit View more

4. Narrow your search using the ▼ dropdown menu in the available fields

5. Select a journal entry to expand the view

6. Hit More at the bottom and then Delete

Feel free to ask additional questions.  We're here for you!

I think the journal entry makes the most sense because I want to credit shareholder account (equity) and debit startup costs account because eventually we will be paid back our initial start up costs investments. I can’t seem to do that from the review receipts menu. 

I am just wondering about the physical receipts from the start up account (journal entries) as these expenses are write offs. It would be nice to have said receipts digitally linked to the journal entries. Hope this makes sense. 

Hi there mbap13,

The receipts tab can only create Expenses and bills, but instead of importing the image through the receipts tab, what you could do is create the Journal entry, then at the bottom of the page for creating Journal entries, you can click on the Attachment option and use the image file that you have on your computer.

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