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Level 1

How to undo personal expense?

I mistakenly used the bank debit card for a personal expense and it is showing on banking as SPENT. 

I would like to make a deposit for the same amount to make the amendment.

 

How should I record the amount spend and the amount received in Quickbooks?

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QuickBooks Team

How to undo personal expense?

I'm here to help you get this sorted out, johnatasjmo.

 

We can record a check or expense, and then deposit the amount to reimburse the business account. You can follow the instructions below.

 

To record the personal expense from a business account, here's how:

  1. Go to + New Check or Expense.
  2. Select a vendor from the Payee drop-down.
  3. From the Payment Account drop-down menu, select the debit card you used to make the purchase.
  4. Under the Category or Item details section, select the account or item you have purchased.  
  5. Enter the Amount of the purchase and then click Save and close.

Once done, you can process the reimbursement by following these steps:

  1. Go back to + New Bank Deposit.
  2. Select the Account where you want to add the reimbursement to and then choose the Date.
  3. Under Add funds to this deposit section, select the person who made the personal expense from the Received From drop-down. Tip: You can add yourself as a customer or the person who made the purchase, since this is the best option.
  4. Select the Payment Method and enter the reimbursement amount.
  5. Click Save and close.

I've got this article here that includes a video tutorial: Enter Personal Expenses: Paying with Company Funds.

 

Also, you can match the expense to the transaction that shows up in your Banking page. Here's an article for the instructions: Match and categorize bank transactions in QuickBooks Online.

 

Please don't hesitate to get back to me if you need anything else. Take care!

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Level 11

How to undo personal expense?

@johnatasjmo 

@RenjolynC 

 

How to undo personal expense?

I mistakenly used the bank debit card for a personal expense and it is showing on banking as SPENT. 

I would like to make a deposit for the same amount to make the amendment.

 

"How should I record the amount spend and the amount received in Quickbooks?"

 

  • Record the amount spend to other current assets account (name like Due from Jim Smith)
  • Record the deposit/reimbursement to the same account ie: other current assets account
  • The balance on that account should be zero after that.

Hope this helps!

 

Due-from-other-current-assets.PNG

 

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