Let me guide you on how to accurately record your expenses, Tim.
Generally, you'll need to record them when you use a business account to pay for personal expenses and reimburse the company in QuickBooks Online (QBO).
To record a personal expense from a business account, check out the steps outlined below:
- Click the + New.
- Select Check or Expense.
- Choose a Payee from the dropdown ▼ menu.
- Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.
- In the Category details section, select the dropdown menu ▼ to select the tax category that fits your needs.
- Enter the Amount of the purchase.
- Press Save and close or Save and new.
Once done, reimburse the company by following the steps below:
- Click the + New.
- Select Bank Deposit.
- Choose the Account to add the reimbursement to, and select the Date.
- Go to the Add funds to this deposit section. In the Received From field, enter the person who made the personal expense, then select the account.
Tip: Add the person as a customer if they aren't in your books already. Even if they're not a customer, this is the best option.
- Locate the Payment Method and enter the reimbursement amount.
- Hit Save and close or Save and new.
Apart from this, QuickBooks Online provides dozens of reports that you can use to show the information you need, You can learn how to customize them to ensure they show the right data that you need for your business. I've added this article for future reference: Customize Reports In QuickBooks Online.
Should you have further questions or concerns about recording expenses with Non-Profit in the future, please don't hesitate to post it here. We'll appreciate you for coming and hope to assist you again soon. Have a great day ahead!
