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Ma3TiN
Level 1

Petrol Expenses - From Personal Account

Hi,

I'm fairly new to QuickBooks online, I have found similar posts to mine but not one I seem to understand and that solves my issue.

 

I have my company account linked up to QuickBooks and this auto-updates,  I also have set up Owner Equity Investment and Drawings in my charter of accounts.

 

I have paid for petrol using my personal bank account(this account is not linked to QuickBooks), but would like to show this as a company expense, How do I show this? I would assume this needs to be done using the Owner Equity Investment but not sure how?

 

Thank you in advance for any help given

 

 

 

Solved
Best answer June 30, 2020

Accepted Solutions
Ashleigh1
QuickBooks Team

Petrol Expenses - From Personal Account

Hello Ma3tin,

 

Welcome to the Community page, 

 

 

The way in which to record this transaction is to set up a Director Loan Account using the credit card in the chart of accounts. 

Then once that is set up using the credit card to pay the expense, that you will need to create in the system to show the money was spent.

To create an expense is the +new then click on expense fill in all the details. 

 

when you have paid the money back, you need to do a transfer from the appropriate bank so the bank account that the money got paid into then do a transfer to the credit card account. 

 

If you have any other queries please feel free to let us know. 

 

 

View solution in original post

3 REPLIES 3
Ashleigh1
QuickBooks Team

Petrol Expenses - From Personal Account

Hello Ma3tin,

 

Welcome to the Community page, 

 

 

The way in which to record this transaction is to set up a Director Loan Account using the credit card in the chart of accounts. 

Then once that is set up using the credit card to pay the expense, that you will need to create in the system to show the money was spent.

To create an expense is the +new then click on expense fill in all the details. 

 

when you have paid the money back, you need to do a transfer from the appropriate bank so the bank account that the money got paid into then do a transfer to the credit card account. 

 

If you have any other queries please feel free to let us know. 

 

 

View solution in original post

Ma3TiN
Level 1

Petrol Expenses - From Personal Account

Thank You for the response, that's exactly what I was looking for.

 

If I was to put personal cash in the company account to top up the balance would I just transfer that amount on the reconcile as an amount paid in by the same Directors Loan Credit Card account to the linked bank account?

 

Thank You

Ryan_M
QuickBooks Team

Petrol Expenses - From Personal Account

Hi @Ma3TiN,

 

Thank you for your prompt reply. It's good to know what my peer @Ashleigh1 stated above has answered your query.

 

For your second question, allow me to join in and share insight on that.

 

There are several ways you can record a payment toward a credit card account. And yes, one of them is to do a transfer transaction.

 

Let me show you how:

 

  1. Go to the + New menu.
  2. Select Transfer.
  3. The Transfer Funds From drop-down menu should be where the payment will come from. 
  4. The Transfer Funds To drop-down menu is the credit card account in question. 
  5. Enter the payment amount in the Transfer Amount field.
  6. When done, click Save and close.

Other ways you can pay a credit card account in QuickBooks Online (QBO) are listed in this article: Record your payments to credit cards

 

I'll be around in case you need further assistance. Place a comment below, and I'll get back to you. 

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