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Hi patrickrolandmah Thanks for reaching out to us here on the Community Do you have the personal bank account set up within the chart of accounts and connected to QuickBooks?
Hi John. Yes both accounts are linked to the Quickbooks system.
Hi patrickrolandmah Thanks for confirming. When accounting for the expenses you incurred from your personal account; you would create expenses manually, ensuring that your personal account is entered within the 'Payment account' field, and then match them to the transactions showing on the banking or simply add them in directly from the banking screen. We're not able to inform you what category you should choose however the category should relate to what type of purchase you made.
Doing the above essentially creates a liability that your business has to pay back to you. To account for the liability and subsequently paying the liability back you would:
select accounting > chart of accounts > new > account type will be current liabilities, if the amount is to be paid back within 12 months, if not Non current liabilities> in the detail type select current liabilities, if the amount is to be paid back within 12 months, if not long term borrowings > enter a name e.g. Paying back expenses > enter an opening balance which should be the amount of the expenses incurred > save and close.
When you pay the amount back, or a proportion to yourself/it is deducted from your account you will:
create an expense; select the New+ icon > expense > Enter/create yourself as a supplier the payee field> in the payment account select the bank account the amount is being paid from, your business account > in the date field select the date the amount was debited from your account > in the category column enter the liability account you created earlier > enter the amount in the amount column > in the amounts are field select No VAT > save and close.
As we're not accountants we would strongly recommend that you qualify the above with a professional.
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