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I have a Business Credit Card I accidentally made a personal purchase using this business credit card. I then paid the exact amount of the personal purchase using my PERSONAL bank account. I have seen posts about adding personal charges using Owner's Investment/Equity, but I PAID the charge out of my personal account, so there is no effect on Owner's Equity/Investment/Draw. How do I record these transactions? Note: I have tried "Excluding" both. That works fine for the purchase, but it leaves QB out of balance with the Credit Card since the payment did occur and reduce the card balance, but from a personal account. I don't know if I'm just suffering from brain fog or what, but nothing is working. Any ideas? Thanks advance.
Thanks for reaching out to us, @Wibill.
I'm here to lend a hand about recording personal expenses made using a business credit card.
You'll need to record an expense transaction when you pay your personal expenses with business accounts. Then, reimburse the company. Here's what you'll need to do:
To enter the personal expense:
To reimburse the company:
Take a look at these articles for more information about this process:
I'm only a couple of clicks away if you need further assistance in managing your account. It's always a pleasure to help. Have a great day!
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Thank you for your detailed reply.
In the second part "To reimburse the company", I only have one bank account, and adding it there would throw the bank account out of balance. That's because I already paid the specific amount from my personal bank account which is not part of QBO. So both the the expense and the payment are showing up as transactions since the account are synchronized with QBO. Would I still create a deposit and if so, where would I deposit it to? Sorry for the confusion.
I have a personal credit card and made a payment with the business account. How can I record this ?
Thanks for joining this conversation, @Naplesdrywall.
If you're referring to reimbursing your expenses made using your business account in QuickBooks Online (QBO), all you need to do is to write a check or expense to record the transaction. Then, create a Bank Deposit for the reimbursement.
You can refer to the detailed steps shared by my colleague MirriamM above or check out this article for more information: Pay for personal expenses from a business credit card or bank account.
Generally, it is not advisable to mix personal and business expenses. However, certain situations will require you to do so. For more insight into this, I suggest checking out this article: Mixing business and personal funds.
Please know that I'm only a few clicks away if you have any other concerns or questions. I'll be here to help. Have a good one!
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