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rpbatc
Level 1

Changing an expense account after the expense has been recorded

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

Solved
Best answer October 03, 2022

Accepted Solutions
Ashleigh1
QuickBooks Team

Changing an expense account after the expense has been recorded

Hello rpbatc, 

 

Welcome to the Community page, 

 

You can delete it if you don’t want it to show those expenses on the report yet because if you change it to owners' equity it will still reflect this on the TB and balance sheet report. If you're unsure what to do with it we would advise that you speak to an accountant  and they will tell you what is the best way to record this in your QuickBooks account. 

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1 REPLY 1
Ashleigh1
QuickBooks Team

Changing an expense account after the expense has been recorded

Hello rpbatc, 

 

Welcome to the Community page, 

 

You can delete it if you don’t want it to show those expenses on the report yet because if you change it to owners' equity it will still reflect this on the TB and balance sheet report. If you're unsure what to do with it we would advise that you speak to an accountant  and they will tell you what is the best way to record this in your QuickBooks account. 

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