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stuart-cancourie
Level 1

A fair few of my fuel receipts where paid with my personal acc. I don’t want the money back but need to no how to add to qb for vat and tax purchases. How do I do this?

 
Solved
Best answer August 18, 2020

Accepted Solutions
Jovychris_A
Moderator

A fair few of my fuel receipts where paid with my personal acc. I don’t want the money back but need to no how to add to qb for vat and tax purchases. How do I do this?

Hi there, @stuart-cancourie.

 

You can add them by creating a journal entry for the business expense you paid for personal funds.

 

Here's how:

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

 

Then you can create an expense for VAT and TAX purchases.

  1. Select + New.
  2. Select Expense or Add expense.
  3. Select a bank account to use to repay the personal funds.
  4. In the category column, select Partner's Equity or Owner's Equity.
  5. Enter the amount.
  6. Select Save and close.

 

This way, you get records for VAT and tax purchases from your fuel receipts.

 

I'll add this article as your reference on how to record business expenses you made with personal funds in QBO: Pay for business expenses with personal funds.

 

Additionally, you can check this article to learn more about your business status by running financial statements: Run reports in QuickBooks Online. It includes links that can help you customize reports and memorize them.

 

Please keep me notified by tagging me (@Jovychris_A)) on your response if there's anything else. I'm always here to help. More power to your business!

View solution in original post

1 REPLY 1
Jovychris_A
Moderator

A fair few of my fuel receipts where paid with my personal acc. I don’t want the money back but need to no how to add to qb for vat and tax purchases. How do I do this?

Hi there, @stuart-cancourie.

 

You can add them by creating a journal entry for the business expense you paid for personal funds.

 

Here's how:

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

 

Then you can create an expense for VAT and TAX purchases.

  1. Select + New.
  2. Select Expense or Add expense.
  3. Select a bank account to use to repay the personal funds.
  4. In the category column, select Partner's Equity or Owner's Equity.
  5. Enter the amount.
  6. Select Save and close.

 

This way, you get records for VAT and tax purchases from your fuel receipts.

 

I'll add this article as your reference on how to record business expenses you made with personal funds in QBO: Pay for business expenses with personal funds.

 

Additionally, you can check this article to learn more about your business status by running financial statements: Run reports in QuickBooks Online. It includes links that can help you customize reports and memorize them.

 

Please keep me notified by tagging me (@Jovychris_A)) on your response if there's anything else. I'm always here to help. More power to your business!

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