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Anonymous
Not applicable

Entering Credit Card Transactions - Help Please!

I have made a few personal debit card payments that I want to record as Owners Equity, however, this term does not appear on the dropdown list. Can someone help please?

 

Solved
Best answer 06-05-2018

Accepted Solutions
Anonymous
Not applicable

Re: Entering Credit Card Transactions - Help Please!

Hey @Anonymous,

 

Welcome to Community.

 

I can certainly help you with this.

 

Firstly, you may wish to go into your Chart of Accounts and check if you have an Owner's Equity account within the list. This account is not always created by default so it would be prudent to check if you have one first. If you don't have one, you can create one by clicking on the New option in the top right of the screen within Chart of Accounts.

 

You would need to select the Account Type as Equity and the Detail Type as Owner's Equity or Partner's Equity before saving the account.

 

Once you have the account set up, you can follow the steps below to record the expense and the reimbursement to your personal account

 

To record the initial expense to the business,

  • Select the Plus icon at the top, then Journal Entry.
  • Enter the following information in the first line.

                                Account: Expense account appropriate for the purchase
                                Debit column: Amount of purchase
                                Name: (Optional) Add a customer if you want to associate the expense to a customer

  • Enter the following information in the second line.

                                Account: Owner's equity or Partner equity
                                Credit column: Amount of the purchase
                                Memo: You can add "Reimbursable" to help you identify the transaction later.

  • Select Save.

 

When you are ready, you can then record the reimbursement to repay the funds to your personal account. You can do this either by a Cheque or by an Expense transaction as below.

 

  • Select the Plus icon at the top, then Cheque/Expense.
  • Fill out the fields with the following information:

                                Purchased from: Name of the partner/owner. You can also leave this blank
                                Bank Account: Account you are reimbursing from (you can also use petty cash)
                                Account: Partner's Equity or Owner's Equity
                                Amount: Amount of the reimbursement
                                Customer: Leave this blank

  • Select Save and new or Save and close.

 

Let me know if you have any further queries.

 

 

View solution in original post

4 REPLIES 4
Anonymous
Not applicable

Re: Entering Credit Card Transactions - Help Please!

Hey @Anonymous,

 

Welcome to Community.

 

I can certainly help you with this.

 

Firstly, you may wish to go into your Chart of Accounts and check if you have an Owner's Equity account within the list. This account is not always created by default so it would be prudent to check if you have one first. If you don't have one, you can create one by clicking on the New option in the top right of the screen within Chart of Accounts.

 

You would need to select the Account Type as Equity and the Detail Type as Owner's Equity or Partner's Equity before saving the account.

 

Once you have the account set up, you can follow the steps below to record the expense and the reimbursement to your personal account

 

To record the initial expense to the business,

  • Select the Plus icon at the top, then Journal Entry.
  • Enter the following information in the first line.

                                Account: Expense account appropriate for the purchase
                                Debit column: Amount of purchase
                                Name: (Optional) Add a customer if you want to associate the expense to a customer

  • Enter the following information in the second line.

                                Account: Owner's equity or Partner equity
                                Credit column: Amount of the purchase
                                Memo: You can add "Reimbursable" to help you identify the transaction later.

  • Select Save.

 

When you are ready, you can then record the reimbursement to repay the funds to your personal account. You can do this either by a Cheque or by an Expense transaction as below.

 

  • Select the Plus icon at the top, then Cheque/Expense.
  • Fill out the fields with the following information:

                                Purchased from: Name of the partner/owner. You can also leave this blank
                                Bank Account: Account you are reimbursing from (you can also use petty cash)
                                Account: Partner's Equity or Owner's Equity
                                Amount: Amount of the reimbursement
                                Customer: Leave this blank

  • Select Save and new or Save and close.

 

Let me know if you have any further queries.

 

 

View solution in original post

Anonymous
Not applicable

Re: Entering Credit Card Transactions - Help Please!

Many thanks for your help. Sorted!

Anonymous
Not applicable

Re: Entering Credit Card Transactions - Help Please!

You're welcome. Always happy to help :)

Intuit

Re: Entering Credit Card Transactions - Help Please!

Hi, @Anonymous :)

 

I am happy you got your problem resolved! 

 

For inspiration and advice on business-related problems, feel free to contact me or pop over to the business discussion boards (all of which are linked below). I hope you have a great day!

 


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