Hi there,
When I set up QuickBooks, I recorded a series of business setup expenses which have all been paid for on personal credit cards. Not fully understanding the process, I recorded these expenses by creating a 'credit card' expense category, but now I realise that this is really only for business-specific credit cards rather than personal ones. My balance sheets etc. now reflect these expenses and I don't want them to until the business itself has paid for them/paid them back. Should I change the expense account on these records to 'owner's equity' or something for now? Or just delete them? In essence, the only reason I recorded them on Quickbooks is on the off chance that I might be able to reclaim tax for them when the time is right (and to keep all of my invoices in one place before I lose them!).
Thanks in advance!
Rick
