Pay for business expenses with personal funds

.I'm glad you reached out to our support, downtoearthsoaps

QuickBooks Self-Employed (QBSE) is commonly used to track income, expenses, mileage, and tax info. This type of QuickBooks is designed specifically for independent contractors and freelancers at year-end. QuickBooks Online (QBO) on the other hand is preferred by small businesses because of the chart of accounts feature.

Feel free to check out this article to learn more about the available products in QuickBooks: Pricing and subscription levels for QuickBooks Online.

For more product options, you can reach out to our QuickBooks Sales Team. They can help you choose which product best suits your business needs.

Here's how to get there:

1. Go to this link: https://quickbooks.intuit.com/pricing/.
2. From the upper right, click Talk to Sales and you'll see their contact information.
   
   

The Community is always open if you have other questions. I'll be around to help. Wishing you a great day ahead.

Thanks but this doesn't answer my question. I need to record these transactions from my personal account as expenses? I can add each transaction manually, but then when I pay money from my business account to my personal account to cover those expenses won't this get taken into account for income tax purposes when it shouldn't as it's reimbursing expenses?

I am in the UK by the way, so 'Schedule C' doesn't mean anything to me!

Hi downtoearthsoaps, you can mark the transaction as a transfer so that this won't be included in the return, do you have your personal and business bank account connected to QuickBooks?

Hi, and thanks for replying. No, my personal (joint) account isn't linked to Quickbooks as I won't be using it for business purchases going forward. I literally need to do this once for a number of purchases made with my personal account before my business account started.

What I have done is:

• Posted each transaction to Quickbooks manually, assigning them as Business expenses for whatever category.
• Recorded any payments made to my personal account (reimbursement for these expenses) as an Owner Withdrawl. This is marked as a Transfer so it won't be included in the return. 

Is this right?