Thank you for reaching out to us with your inquiry, ryval_customs. I understand that using personal funds for business expenses can create accounting challenges, and I'm here to help guide you on how to handle this in Quickbooks Online (QBO).
First, record the business expenses you paid for with personal funds. Here's how to do it:
- Navigate to the + New and select Journal Entry.
- On the first line, select the expense account for the purchase.
- Enter the purchase amount in the Debits column.
- On the second line, choose Partner's equity or Owner's equity.
- Enter the same purchase amount in the Credits column.
- Hit Save and close.
Once completed, you have two alternatives for reimbursing yourself using Check or by recording it as an Expense.
You can follow Step 2 in this article for the step-by-step process: Pay for business expenses with personal funds.
To make tracking expenses easier in the future, consider using a separate business credit card or bank account for all business-related purchases. This will keep your personal and business finances distinct and simplify your accounting process.
Given the complexity of your situation, I highly recommend consulting with our QuickBooks Live Expert Assisted. They have specialized knowledge in handling such scenarios and can provide you with personalized, real-time guidance to streamline your accounting processes and correctly record your transactions.
Additionally, reconciling the account ensures that transactions in QBO align with your actual bank and credit card statements. This process verifies the accuracy of your financial reports, which is essential for making informed decisions and understanding your business's financial health.
You can always get back to the Community space if there's anything else you need to know about handling bank-related tasks, ryval_customs. I'm here to help all the time.
