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Good day, @llz1. To show your account credit is reduced by the service cost amount, you'll need to record a reimbursement to your company and the refund issued by your service provider. I'll show the full details below.
While it's generally advised to keep business and personal funds separate, we understand that there are instances where they may overlap.
The initial step is to record the business expenses you paid with personal funds. Here's how:
- Hover your mouse to the Company menu and pick Make General Journal Entries.
- Select the expense account for the purchase from the first line.
- In the Debits column, enter the purchase amount.
- On the second line, choose Partner's equity or Owner's equity.
- Input the same purchase amount in the Credits column.
- Once done, click on Save and close.
After that, record the reimbursement via check. Feel free to follow the steps below:
- Select Write Checks from the Banking tab.
- Pick the correct Bank Account.
- Choose a Payee in the Pay to the order of field.
- Filter the Date and Check No.
- Select an account from the Expenses column and enter the amount.
- Click Save and close once finished.
Then, jot down a refund from the service provider. The recording will depend on how they issue it. You can follow Scenario 1 if the vendor sends it via check or proceed to Situation 5 for credit card credit in this article: Record a vendor refund in QuickBooks Desktop.
If you're all good, feel free to explore this extra guide on managing checks: Modify, void, delete, or print checks in QuickBooks Desktop.
You can also visit this article to automatically categorize your bank transactions: Create rules to categorize transactions in QuickBooks Desktop.
Never hesitate to return here if you have additional questions about recording money movement in your company especially when dealing with refunds and complicated transactions in QuickBooks. We'll be willing to lend a hand. Keep safe, and have a good day.
