Mixed Funds

Hello JarredAwesome,

It's nice to see you in Community. Welcome! QuickBooks Online understands that times may arise when we use our personal credit cards for business expenses.  Recording these expenses properly, is essential in keeping your books accurate. I'd be glad to help!

You can record the business expense that was paid with your personal funds by creating a journal entry. Here's how;

1. Select +New from the left menu and open 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

Here's how to add an equity account 

5. Enter the same purchase amount in the Credits column

6. Hit Save and close.

In addition, you can record the reimbursement as a cheque or expense, by following these steps;

1. Open +New and choose Cheque or Expense

2. Select a bank account to use 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. Hit Save and close

You're all set!  You can now reconcile your accounts seamlessly.

If you're still uncertain, I suggest speaking with an accounting professional.  They'll be able to provide their expertise and best course of action, so you can complete the entry with confidence.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

Feel free to reach back out with other questions. We're always happy to assist!

Thank you for the reply,

The problem here is that it was personal funds, paying for personal expenses.

My concern is if I do a "reimbursement", it is going to go on the records that my company paid for my person expenses.

Is there a way to tell QBO this money isn't my business's money, and not to account for it?

The person I spoke to on the phone at QBO, told me to click exclude, but that doesn't solve the problem for reconciling 

I want to add, That this was my personal bank account. so it had funds for both

Hi JarredAwesome,

Thanks for getting back to me.  Creating the reimbursement ensures the funds were used to pay a business expense.  QuickBooks Online provides the steps to ensure a positive outcome on your books.  However, I do encourage you to speak with your Accountant, so you're completely confident that these types of transactions are accurate and aligned with your QuickBooks goals!

If you have any other concerns, touch base with us again.  We're here to help!

Sorry, im a little frustrated

As I said, the problem is that it is personal expenses paid by person funds.

I'm looking for a way to add an "offset" so the accounts will reconcile 

Ideally, I would have not connected my personal bank account. but I already did, and have expenses linked to it.