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Level 2

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

 
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Best answer June 07, 2019

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QuickBooks Team

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

Hi thedelipontyclun,

 

To do this you would need to enter the 'Payment account' on the Expense with either a cash or personal debit card account.

 

If you don't already have an account for cash or the personal debit card you can create one by going to Accounting > Chart of accounts > New. The account type for both of these would be 'Cash at bank and in hand'.

 

 

View solution in original post

Highlighted
QuickBooks Team

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

Hello DeliP,

 

This is correct! The accounts will both show on your P&L separately.

 

Thanks,

 

Talia

View solution in original post

4 REPLIES 4
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Level 15

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

bring up an expense transaction, list all the expense accounts you need to and the total amounts for each
then on the next line
IF, if you are taxed as a sole trader, select your equity investment account and enter the total as a negative number, save
OR
IF you are taxed as an ltd select a liability account you set up named due to [name] and enter the total as a negative number, save. Later you pay yourself back using the due to account as the expense for the payment

Highlighted
QuickBooks Team

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

Hi thedelipontyclun,

 

To do this you would need to enter the 'Payment account' on the Expense with either a cash or personal debit card account.

 

If you don't already have an account for cash or the personal debit card you can create one by going to Accounting > Chart of accounts > New. The account type for both of these would be 'Cash at bank and in hand'.

 

 

View solution in original post

Highlighted
Level 2

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

Hi GeorgiaC,

Thanks for this.  So I need to set up 2 new payment accounts, one for Cash and one for Personal Debit Card?

How will this then look when I review the P & L?  do you know please.

Highlighted
QuickBooks Team

Can anyone advise how to record expenses incurred by the Business owner but paid for with either Cash or their own debit card?

Hello DeliP,

 

This is correct! The accounts will both show on your P&L separately.

 

Thanks,

 

Talia

View solution in original post