business credit cards transferred to personal

MusicLover · ‎December 24, 2020

I currently own a sole proprietorship business and I’m making payments on a credit card with the business checking account. I do my bookkeeping in QuickBooks.

I’m planning on closing the business down in the near future which would include closing the business checking account as well.

At that point I would begin paying on the credit card with my personal checking account. Since the business is no longer making these payments, an entry should be made in the credit card account in QB to reflect this. What kind of transaction would I make in QuickBooks to show that the credit card balance to pay is now zero? Do I use the “Transfer funds to” field?

Thanks in advance for any answers.

Kristine Mae · ‎December 24, 2020

I'm here to help you, MusicLover.

You'll have to create a journal entry to record the business expense paid with personal funds.

If you're using QuickBooks Online, here's how you can do it:

Click the New or Plus sign (+) button.
Select Journal entry.
Fill in the necessary fields.
Click Save and close.

You can also check this article for more information: Pay for business expenses with personal funds.

If you're using the Desktop version, here's how:

Click Company.
Select Make General Journal Entries.
Fill in the necessary fields.
Click Save & Close.

We're right here if you have other questions. Don't hesitate to reach out to us again. Happy holidays!

View solution in original post

Kristine Mae · ‎December 24, 2020

I'm here to help you, MusicLover.

You'll have to create a journal entry to record the business expense paid with personal funds.

If you're using QuickBooks Online, here's how you can do it:

Click the New or Plus sign (+) button.
Select Journal entry.
Fill in the necessary fields.
Click Save and close.

You can also check this article for more information: Pay for business expenses with personal funds.

If you're using the Desktop version, here's how:

Click Company.
Select Make General Journal Entries.
Fill in the necessary fields.
Click Save & Close.

We're right here if you have other questions. Don't hesitate to reach out to us again. Happy holidays!

MusicLover · ‎December 25, 2020

Thanks Kristine for your help. It solved my issue.

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business credit cards transferred to personal