Thank you for providing detailed information, MP89.
To reduce clutter and track past purchases made from multiple personal accounts or credit cards, and ensure they appear in the system for tax reporting, you can manually record these transactions in QuickBooks Online (QBO) as Expense or Check transactions.
When entering these past purchases, categorize them under the equity account, such as Owner’s Equity or Partner’s Equity. This reflects the personal funds used to purchase inventory for your business.
- Click + Create.
- Choose Cheque or Expense.
- Select the personal account or credit card you used
- In the Category column, click Partner's equity or Owner's equity.
- Fill in the necessary info.
- Once done, click Save and close.
After recording the past purchases, you can continue to upload your invoices and match them to your manual expense entries. This will help keep your records accurate and organized.
Moving forward, use your dedicated business account exclusively for all income and expenses, linking it to QBO for automatic transaction imports and easier management.
Lastly, it’s always a good idea to consult with your accountant to ensure everything is recorded accurately, especially for tax purposes.
Feel free to return to this conversation if you have additional questions.
