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Level 1

How to correct a personal charge on a business credit card?

Hi all,

In error, I used my business credit card for a personal purchase.   How do I record the expense so that it doesn't show up in the expenses of the business? Do I add a new expense account called "miscellaneous"?  Do I simply record it as an Equity Draw or should I reimburse the business?  If I write a personal check to the business, how do I record it so that it doesn't show as revenue? Do I add a new revenue account called "miscellaneous"?   The business is an LLC partnership with 50/50 equity split.  Each of us has a business credit card.   Apologies for all the questions.  Your help is much appreciated. 
Tim

1 Comment
Level 3

How to correct a personal charge on a business credit card?

You could record it as an Equity draw and be done.

 

Or you could reimburse the business and just book the reimbursement to the same account in which you booked the initial personal expense. 

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