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Level 1

How to Reimburse Company for Personal Use Expense

I used my debit card to make a personal purchase.   My company owes me a lot of money and I have an account set up to track all of it.  How can I reimburse the company by taking it out of this Loan Payable account?

1 Comment
QuickBooks Team

How to Reimburse Company for Personal Use Expense

Hello LKD1969,

 

Welcome to the QuickBooks Community! Correctly accounting for business expenses paid for with personal funds, as well as personal expenses paid for with business funds is vital. It helps to keep your books balanced, as well as ensuring that the business and its employees are paid what they're owed. QuickBooks Online allows you to account for these expenses in a few different ways. I'll point you in the right direction.

 

It sounds to me like you've used a business debit card towards a personal purchase, and you want to show the money coming from the Loan Payable account that you've set up to keep track of the money you're owed by the company. It's likely that you'll need to record a journal entry to show the money movement from the Loan Payable account to the business bank account that you used, but this is a question best answered by your accountant. 

 

If you're already working with an accountant, inviting them to work in QuickBooks Online with you is the easiest way to record this transaction. From the My Accountant tab, enter your accountants email address and hit Invite. Once they've accepted the invite, they'll be able to log on and work with you. If you're not yet working with an accountant or bookkeeper, you're in luck! QuickBooks Online has an extensive list of QuickBooks-certified accountants that are keen to work with you to manage your business' books. From the My Accountant tab, use the Find a pro to help button to navigate through the database and find an accountant that will suit your company.

 

I also want to leave you with a few articles that might be helpful. The first will show you how to enter a journal entry, however the specifics of which accounts to debit or credit will be something your accountant will direct you on. The second article will show you how to record a personal expense made on a business card. This will be helpful, but since your situation is unique in that the company already owes you money, the steps may need to be altered slightly to suit your needs, but again, your accountant will be a great reference.

 

 

You've got this! I'm confident you'll have this transaction recorded in no time.