I need a little help. I made a credit card payment using my husbands credit card. Would I have to add his bank account to my chart of accounts to record the payment or is there a different way I can record the transaction without having to do that. Please help.
After reading your question, I wanted to verify some additional details with you if you do not mind. Is the credit cared used for the payment a personal account? If so, you can follow the suggestion in this article: How to Record Expenses Paid by the Owner’s Personal Funds.
If you're unsure about the process, It'd be best to consult with your accountant. They'll be able to give you the best accounting advice for your business.
I'd also like to share this link with information about mixing business and personal expenditures: Mixing business and personal funds. Disclaimer: This article is for QuickBooks Online.
You're always welcome to post a reply on this thread if you have more question or need help with other task in your account. Me and my colleagues are here to help. Take care always.
Thanks for coming back, ChailaJaye.
We can add the business checking account in the Chart of Accounts then record the payment. This helps us trace the payment in the future. Here's how:
You can check out this article for the steps and details: Add, edit, or delete accounts in QuickBooks Desktop. Then, follow the steps provided by RenjolynC to record the transaction. I'd also suggest consulting your accountant on how to properly record this one in QuickBooks.
If you're about to reconcile your account, I recommend reading our reconciliation guide to ensure your register is accurate.
Please know that I'm just a post away if you have any other questions about handling your accounts in QuickBooks. It'll always be my pleasure to help. Have a great day ahead.
What if there were multiple payments that were made from an account that I don’t own? There are some payments that came from accounts that I did not use at all for other business purchases. How would I record those transactions?
I want to ensure the multiple payments that you don't own will be recorded in QuickBooks accordingly, @ChailaJaye.
I have ways to handle payments that you don't use for other business purchases in QuickBooks Desktop (QBDT). Doing this will ensure that your books and reports are accurate at all times.
If these payments are uploaded to your online bank, I recommend ignoring them. Perform as follows:
If the bank isn't connected to any online banking, I'd recommend recording them using Journal Entry. Complete the following steps:
After that, you can write a check or expense to reimburse the money. Follow the steps below:
Moreover, don't forget to reconcile your accounts regularly to make sure they match your real-life bank statements.
Consider checking out these articles to learn more about managing bank transactions and fixing reconciliation issues:
Don't hesitate to let me know if you have follow-up questions about your credit card purchases. I'm here to assist you every step of the way. Stay safe and have a wonderful day ahead, ChailaJaye.