Refund of expenses

Lee6 · ‎May 15, 2022

Hello:

I have a rental building jointly owned personally with a partner. We have a joint bank account dedicated to the revenues and expenses of that building. I sometimes use my personal credit card to pay for some expenses of the building, and I then get a reimbursement of the said expense from the joint bank account. The fund is then deposited into my personal bank account. Note: both my personal bank account and the joint bank account are in the same QB file.

What is the best way to record these transactions so I can keep track of these expenses so that 1) I will not forget to get claim the reimbursement, and 2) don't double claim the refund?

Thank you.

JamesM4 · ‎May 16, 2022

Hi Lee6,

Thanks for contacting us here. QuickBooks Online is a hassle-free program that simplifies the way you manage your accounting. I'll be glad to point you in the right direction so you can achieve your QuickBooks goals. Recording your transactions the right way is a good exercise for keeping your books accurate.

To ensure accuracy in your books, I recommend contacting an accounting professional to get expert advice. Doing this will help prevent any future discrepancies in your books. You can also reach out to accounting professionals on our site using this link here.

I'll also leave this question here so other accounting professional members can chime in and share their expert advice. Let me know if you have other questions, I'm here to assist.

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