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Join nowI have just started my business. I had a job that required over $8000 in materials. My Dad let me use his personal credit card to buy the materials as long as I paid him back as soon as I received payment from the customer. I wrote him a check for the full amount from my business checking account.
How do enter these transactions in QuickBooks Online?
Create Dad's credit card as an account
use that account to charge what you need
pay the CC account amount to Dad
It sounds like this was a very short-term loan, less than a month, and I assume you are on a cash basis and you are not going to be using your dad's card on a regular basis.
You can create a Dad liability account but if this is a one-time use, you are just adding more data in QBO than required. If you are a construction-type business, you will have lots of data and eventually, QBO will slow down on you with all the calculations in the background.
The steps I would follow:
1. Get your dad to give you a copy of the credit card statement with all his personal transactions blacked out.
2. Summarize the transactions on the credit card into the different categories. For example, if you spend $35 at Home Depot and $65 at Walmart for job supplies, put $100 as the total for job supplies. Do this for each category.
3. Go to QBO and enter a bill to your dad with the breakdown you calculated above.
4. Match the check payment to that bill.
Hope this helps.
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