Owner Contribution with Inventory

We have a way to enter this in QuickBooks Online, Alwaysgoods.

Though we don't recommend mixing business and personal transactions, we can't avoid it sometimes. Since this involves inventory, here's the process that we can do:

1. Create an account that represents your personal bank account.
2. Create an Expense or Check for your inventory expense using the personal account.
3. Reimburse the personal account through your business account.

Here's the detailed steps on how to create an account:

1. Click Accounting on the left menu and go to the Chart of Accounts tab.
2. Click the New button and select Bank in the Account Type field.
3. You can select Savings in the Detail Type field. If you're unsure of what type to select, you can consult your accountant.
4. Enter the Name and click Save and Close.
   You can leave the Balance field blank if necessary.

Here's how to create the expense transaction for your inventory:

1. Click the + New button in the upper-left corner and select Expense or Check.
2. In the Payee account or Bank Account field, enter the personal bank account we've created earlier.
3. Enter the Payee and the details of your inventory purchase.
4. Click Save and close.

Here's how to reimburse the personal account:

1. Click the + New button in the upper-left corner and select Expense or Check.
2. In the Payee account or Bank Account field, enter the business checking account.
3. Go to the Category details section and select the personal bank account in the CATEGORY column.
4. Enter the amount and other necessary details.
5. Click Save and close.
   You can also utilize the Transfer function to reimburse the account: Transfer funds between accounts.

The following articles might also be a help when dealing with business and personal transactions: 

• Mixing business and personal funds
• Pay for business expenses with personal funds

Again, it is always best to consult an accounting professional regarding this matter. They know what's best for you and your books.

We'll be right here if you need anything else. Have a great day!

Hi @JamesDuanT thanks a lot for your reply.  I know it's better not to mix business and personal transactions, but how can Ido a contribution to the business without using personal money? Of course through a loan at the bank or angel investor etc etc, but since I had it, I would prefer to use that money.

Probably my mistake was not to add the money to the business checking account and pay the purchase with that, instead of paying the inventory directly with my personal checking.

Anyway, thanks for the steps to follow.