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Join nowGood day,
Any help with this is appreciated. Thanks in advance.
I'm starting a coffee shop that is registered as a LLC with 1 owner. The coffee shop is not yet operational. I started buying equipment for the business and paid for it out of my pocket. However, the owner of the space we are renting is also responsible for our buildout and recently handed me a check to reimburse me for equipment I purchased which he is willing to cover because it will be built in and we won't be able to take it with us if we move out. This is equipment like hand wash sinks, 3 bay sinks, etc.
My question is how do I record: (1) the purchasing of the equipment I paid out of my pocket, (2) and the reimbursement I received from the building owner. A side note - all expenses paid out of my pocket has been recorded as 'owner's contribution' in quickbooks online.
Thanks,
Marcel
Thanks for posting to the Community, @Thevansm.
It's good to see that you're doing well with your business. You can record the equipment by making a journal entry and then select the expense account for the purchase.
Here's how:
Second, Decide how you want to reimburse the money.
For the reimbursement, you have two options.
Option 1: Record the reimbursement as a check.
Option 2: Record the reimbursement as an expense.
It will be recorded this way in QuickBooks. You can refer to this video article for more details: Pay for business expenses with personal funds.
Just in case you wanted to record funds transfer between two accounts, you can refer to this article: Transfer funds between accounts.
Please let me know if you have more questions. I'm always here to help. More power to your business!
deposit the funds received and use owner equity investment as the source account for the deposit
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