New Business

Congrats on your new business, @DL.

To account for this, you’ll need to create a Journal Entry to record your business expense using your personal account. I’d be glad to guide you how in your QuickBooks Desktop (QBDT) software.

Here’s how:

1. Go to the Company menu.
2. Click Make General Journal Entries.
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 & Close.

Then to reimburse the money:

1. Go to the Banking menu.
2. Click Write Checks.
3. Select the bank account to use to reimburse your personal account.
4. From the Expense tab, select partner’s equity or owner’s equity.
5. Enter the amount to reimburse then click Save & Close.

I’d also recommend working with your accountant for further advice in recording this. This way, we can guarantee your accounts are properly recorded after performing the steps. If you’re not affiliated with one, you can visit our ProAdvisor page and we’ll help you find one from there.

Additionally, I’m adding this link that you can utilize for future reference in reconciling your accounts in QuickBooks Desktop.

Let me know by leaving a comment if you have any other questions in managing your accounts. I’m only a post away from you. Take care!