Welcome back, dawz007.
I'll share additional information about recording transactions in QuickBooks Online.
In QuickBooks Online, there are two ways to record sales transactions. If the customer agrees to pay you later, you can create an invoice. If they pay you right away, you can issue a sales receipt.
If you haven't recorded any sales transactions, you can add and categorize your downloaded banking transaction. Otherwise, you can match it to the existing transactions.
On the other hand, you can create a journal entry to record the business expense paid from the personal fund.
Here's how:
- Select + New.
- Click 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 either the Partner's equity or the Owner's equity.
- Enter the same purchase amount in the Credits column.
- Hit Save and close.
These are the steps to reimburse the money:
- Click + New.
- Select Expense or Check.
- Select a bank account to use to reimburse the personal funds.
- In the Category column, select Partner's equity or Owner's equity.
- Enter the amount of the reimbursement.
- Hit Save and close.
For your reference, you can review this article for more details: Pay for business expenses with personal funds.
I'm also adding this resource about manually recording sales transactions in QuickBooks Online for future reference: Record invoice payments in QuickBooks Online.
Don't hesitate to reply if you have further questions about recording transactions. We're always here to help you.
