Hi, I haven't got a business account yet. I have been using my personal account and my PayPal. How can I use Quickbooks in this case to pay the taxes? Many thanks

Thank you for choosing QuickBooks Online (QBO) as part of your business, @serpriest-yahoo-. I can guide you on how to work with QuickBooks in paying your taxes while using your personal and PayPal account.

At this time, you can use your personal account in paying your taxes and other business expenses temporarily. You can track the transactions using journal entries.

Here's how:

1. Sign in to your QBO account.
2. Go to the +New icon, then click on Journal entry.
3. On the first line, select the expense account for the purchase.
4. Enter the purchase amount in the Debits column.
5. On the second line, select Partner's equity or Owner's equity.
6. Enter the same purchase amount in the Credits column.
7. Tap on Save and close.

When you have the business account ready and decide to record the reimbursement, you can record a Cheque or an Expense transaction. I'm adding this article for more information: Pay for business expenses with personal funds.

Before that, I would recommend consulting with your accountant for other options and tips in tracking your entries in QBO accordingly.

On the other hand, you can review the resources from these links for more tips while handling your taxes in QuickBooks:

• File your VAT return and record tax payment in QuickBooks Online
• Submit FPS to HMRC in QuickBooks Online Standard Payroll

If you have any other questions about QuickBooks or your accounts, let me know by adding a comment below. I'm always here to help. Have a good one!

Hi, thank you for your message! I am trying to do that now, is just that I cannot see the option "Owner's equity". Do I need to add it manually? 

Please see attached screenshot.

Many thanks,

Sergian

Hello Sergian, thanks for coming back to us if you dont have a Owner's equity then yes you would need to manually add it into your account. 

I found it, thank you - I have a couple more questions before I let you go, hope is okay:

1. Do I need to add 1 expense per Journal Entry?

2. How can I view where I have submitted the previous ones?

3. What is/are the next steps once I add all the expenses?

Kindest regards,

Sergian 

Also, can't I add expenses manually if I don't have a business bank account, from here? (see screenshot) , and not in the Journal Entry?

Hi Sergian, if you want to view the expenses individually you'd need to create a separate journal entry for each, otherwise, you can add multiple lines on the single journal entry. You can view journals that you've already created by selecting the search icon > advanced search > set the filter to journal entries. Once you've added the expenses with the associated VAT codes, you can prepare and submit your return by navigating to the taxes tab on the left-navigation menu. If you don't have a bank connected, you can also create a dummy or personal bank account to record paying the transactions to, which will allow you to enter transactions using the + New > Expenses option.