I have the company card as one of the cards attached to Apple Pay on my iPhone, this was used accidentally for a non-company expense rather than a personal card.
Now its inside Quickbooks (currently excluded) but its causing an imbalance on the accounts. Whats the best way to deal with this transaction so its not counted in the accounts, but also not causing inaccurate or imbalanced accounts?
Solved! Go to Solution.
Hi megan53 You can create a specific expense account and call it something that is recognisable to you/your/colleagues/accountant e.g. personal expense. Please ensure that when you are creating the deposit that in the 'add funds to this deposit' section you enter the same expense account you used in the expense e.g. personal expense.
It's nice to have you in the Community, @megan53. I’ll be glad to assist you in sorting this issue.
Whenever you pay for personal expenses using a company account, I suggest recording it in QuickBooks Online. You can pay for it at a later time. Here's how to do it:
Step 1: Record a personal expense from a business account
1. Select + New.
2. Select Check or Expense.
3. Select a Payee from the drop-down ▼ menu.
4. Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.
5. In the Category details section, select the drop-down menu ▼ to select the tax category that fits your need.
6. Enter the Amount of the purchase.
7. Select Save and close or Save and new.
Step 2: Reimburse the company
1. Select + New.
2. Select Bank Deposit.
3. Select the Account to add the reimbursement to, and select the Date.
4. Go to the Add funds to this deposit section. In the Received From field, enter the person who made the personal expense, then select the account. Add the person as a customer if they aren't in your books already. Even if they're not a customer, this is the best option.
5. Select the Payment Method and enter the reimbursement amount.
6. Select Save and close or Save and new.
You can also check this article for more details about paying for business expenses with personal funds.
Feel free to reach out if you have any further questions. Have a good one!
What category should I class the expense as?
Hi megan53 You can create a specific expense account and call it something that is recognisable to you/your/colleagues/accountant e.g. personal expense. Please ensure that when you are creating the deposit that in the 'add funds to this deposit' section you enter the same expense account you used in the expense e.g. personal expense.
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