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jbc300678
Level 1

How do i record a purchase of a laptop made from my personal bank account that i would like to be repaid for o er time

 
1 REPLY 1
Carneil_C
QuickBooks Team

How do i record a purchase of a laptop made from my personal bank account that i would like to be repaid for o er time

You can treat the purchase as a loan from your business to track this in QuickBooks Online (QBO), jbc300678.

 

Since the purchase was made with your personal funds, we'll treat this as a loan you made to your business. First, you'll need to create a liability account to track this. This will serve as the debt the business owes you for the laptop. Here's how:
 

  1. Go to the Gear icon and select Chart of Accounts.
  2. Select New account to create a new account.
  3. From the Account Type dropdown, select Non-current liabilities. If you plan to pay off the loan by the end of the current financial year, select Current liabilities instead.
  4. From the Detail type dropdown, select Notes Payable (or Loan Payable).
  5. Give the account a relevant name.
  6. Click Save once done.

 

Once done, determine the loan balance and record the payment once you're ready to pay back the loan. For the detailed step-by-step process to record a loan repayment, refer to Step 3 in this article for guidance: Set up a loan in QuickBooks Online.

 

We're here to help if you have any more questions about your loans. We're committed to assisting you in any way we can, jbc300678.

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