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TN18
Level 1

How do I payback my salary as director into business account.

Hi,

As a company director I takeout salary every month from the business account Some time for urgent business expenses I need extra money , how can I transfer some amount of my salary from my personal account to business account. I am the only director of the company.

1 REPLY 1
ReymondO
Moderator

How do I payback my salary as director into business account.

Hey there, @TN18.

 

I'm here to provide you with steps on how to record these transactions in QuickBooks.

 

It's generally recommended to separate business and personal expenses. Although, there may be situations where you need to mix personal and business funds. To record a business expense paid with personal funds, follow these steps:

 

  1. Select + New and click Journal Entry.
  2. On the first line, select the expense account for the purchase.
  3. Enter the purchase amount in the Debits column.
  4. On the second line, choose Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Click Save and close.

 

If you decide to reimburse the money, here's what you can do:

 

  1. Click + New and select Cheque.
  2. Choose a bank account to use to reimburse the personal funds.
  3. In the Category column, select Partner's equity or Owner's equity.
  4. Enter the amount to reimburse.
  5. Select Save and close.

 

For more information on owners or partners mixing business and personal funds, you can refer to the following articles:

 

 

I'll be right here to continue assisting if you have any other concerns or product questions. Assistance is just a post away. Have an awesome day ahead!

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