Paying down business CC personal expenses.

Welcome to the Community space, @CBlock .

As a best practice, it's recommended to keep your personal and business expenses separate. While it's not advisable to mix personal and business funds, there might be some situations where you need to use your business account for personal use.
 

We can record your personal expenses when you use a business account. However, we recommend you consult and seek your accountant's advice to determine the appropriate category for your personal expenses. 

Once you have the information where this should be categorized, you can follow these steps to record your expenses:

1. Go to + New.
2. Select Check or Expense.
3. Select a Payee from the dropdown menu.
4. Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.
5. From the Category dropdown, select the category suggested by your accountant. 
6. Enter the Amount of the purchase.
7. Click Save and close.

Furthermore, since your personal expenses were paid using your personal bank account, you can exclude them from QBO. There's no need to link your personal account as it's not considered part of your business transactions.

Check out these articles to help you manage your transactions in QBO: 

• Void or delete transactions. 
• Pay for business expenses with personal funds.
   

Please don't hesitate to reach us if you have further questions about your transaction in QBO. We're always here to assist you. Keep safe!

Thank you very much for the prompt response.

Can I get one more input.. 

So here is what I’ve done - I added the CC personal expenses to Owners Personal (Equity)

Now on the qb Credit Card feed.. the transaction shows the cc payment that was paid via my personal bank, how do I categorize it to that same Equity account to 0 it out? Or do I exclude it? 

Thank you very much for the prompt response.

Can I get one more input.. 

So here is what I’ve done - I added the CC personal expenses to Owners Personal (Equity)

Now on the qb Credit Card feed.. the transaction shows the cc payment that was paid via my personal bank, how do I categorize it to that same Equity account to 0 it out? Or do I exclude it? 

Hi there, @CBlock.

Ideally, it's highly recommended to keep your personal and business expenses separate. This helps you to have a clear understanding of your company's cash flow, and financial health, and avoid any confusion while categorizing transactions.

However, if you've already added your personal expenses to your business account, I strongly advise you to consult with your accountant to determine if you still need to categorize these expenses or exclude. They can guide you on the next steps to take and provide further information.

Additionally, we have an article that may help you reconcile an account in QuickBooks Online: Reconcile an account in QuickBooks Online 

You're welcome to reach out if you have any more QuickBooks-related concerns. Your satisfaction and success are our top priorities. Stay safe and take care!

Hi, Rainflurry.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Stay safe and have a great rest of the day.