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jweeks25
Returning Member

How do I log a full balance statement payment made to a company's credit card with a personal checking account?

How do I log a full balance statement payment made to a company's credit card with a personal checking account?

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Tori B
QuickBooks Team

How do I log a full balance statement payment made to a company's credit card with a personal checking account?

Thanks for checking back with us, @jweeks25.

 

For this one, I recommend consulting with your accounting professional. Your accountant can advise the best way to handle the transactions based on your business needs. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center

 

If there is anything else I can assist you with, please don't hesitate to let me know. Have a good one! 

 

 

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3 Comments 3
GenieBabe_L
QuickBooks Team

How do I log a full balance statement payment made to a company's credit card with a personal checking account?

Hello there, jweeks25.  

You can record a full balance payment made to a company's credit card using your personal checking account by creating a Journal entry.

Here's how:
 

  1. Go to the + Create icon, then select Journal entry under the Other column.
  2. On the first line, choose the expense account that corresponds to the purchase.
  3. Input the purchase amount in the Debits column.
  4. On the second line, you can select Owner investments.
    (You may have Shareholder equity or Partner investments. If you're unsure which account to use, consult your accountant).
  5. Enter the same purchase amount in the Credits column.
  6. Select Save and close.


For more detailed information, you can refer to this article: Pay for business expenses with personal funds.

If you have more questions, click the Reply button below.

jweeks25
Returning Member

How do I log a full balance statement payment made to a company's credit card with a personal checking account?

Hi, Thank you for that answer. 

I had seen that option and used it but the problem i am having is that I had paid the minimum payment to business credit card for 4 months prior to making the large payment, at this point balance had increased exponentially because of it, and there many purchases in a statement, there are also credits due to returns and minimum payments made to the card, so I am very confused on how to log everything in journal. I need to know if there is any other way of doing it. thank you!

Tori B
QuickBooks Team

How do I log a full balance statement payment made to a company's credit card with a personal checking account?

Thanks for checking back with us, @jweeks25.

 

For this one, I recommend consulting with your accounting professional. Your accountant can advise the best way to handle the transactions based on your business needs. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center

 

If there is anything else I can assist you with, please don't hesitate to let me know. Have a good one! 

 

 

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