cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Visit this post for a list of recent banking issues in QuickBooks Online.
james-white
Level 1

How should I record expenses that I've paid using my personal bank account for a UK based limited company?

I've seen https://quickbooks.intuit.com/learn-support/en-uk/journal-entries/pay-for-business-expenses-with-per... but for me there's no option to select Partner's equity or Owner's equity.

Solved
Best answer October 25, 2020

Accepted Solutions
DivinaMercy_N
QuickBooks Team

How should I record expenses that I've paid using my personal bank account for a UK based limited company?

You're in the right place, @james-white . I've got steps to help you record the business expense you paid for with personal funds.

 

You have to create an equity account in your Chart of Accounts, here's how:

 

  1. Go to the Settings/Gear icon.
  2. Select New.
  3. From the Account Type drop-down, click Equity.
  4. In the Detail Type drop-down, select Owner's Equity or Partner's Equity depending on your situation.
  5. Hit Save and Close.

equity1.JPG equity2.JPG

Once done, you may now proceed to Step 1 of the article you've provided. 

 

For more details in creating accounts in the chart of accounts, see this link: Add an account to your chart of accounts in QuickBooks Online

 

Also, here's the article you may open if in case you want to record personal money you use to pay bills: Track personal money or investments to your business

 

Let me know if there's anything that you need in recording your expenses by leaving a comment below. I'm always here to assist you.

View solution in original post

2 REPLIES 2
DivinaMercy_N
QuickBooks Team

How should I record expenses that I've paid using my personal bank account for a UK based limited company?

You're in the right place, @james-white . I've got steps to help you record the business expense you paid for with personal funds.

 

You have to create an equity account in your Chart of Accounts, here's how:

 

  1. Go to the Settings/Gear icon.
  2. Select New.
  3. From the Account Type drop-down, click Equity.
  4. In the Detail Type drop-down, select Owner's Equity or Partner's Equity depending on your situation.
  5. Hit Save and Close.

equity1.JPG equity2.JPG

Once done, you may now proceed to Step 1 of the article you've provided. 

 

For more details in creating accounts in the chart of accounts, see this link: Add an account to your chart of accounts in QuickBooks Online

 

Also, here's the article you may open if in case you want to record personal money you use to pay bills: Track personal money or investments to your business

 

Let me know if there's anything that you need in recording your expenses by leaving a comment below. I'm always here to assist you.

View solution in original post

james-white
Level 1

How should I record expenses that I've paid using my personal bank account for a UK based limited company?

Thanks, I didn't realise you had to create the account yourself first. That could be worth mentioning in the original article for others benefit.

Need to get in touch?

Contact us