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Join nowI am trying to upload expenses for my husband's sole proprietor business and he has purchased personal items along with business supplies on the same receipt. How can I create an expense for just the portion that applies to the business? Thanks
Thanks for visiting the Community today, @madadex. To record the portion of the expenses mixed with personal and business, take out the business expense amount from the receipt.
Here's how:
Please note that using these steps, your account in QuickBooks and actual bank balance won't match. Hence, I'd recommend consulting your accountant for further advice to ensure everything is accurate.
You can also check out the difference between bills, checks, and expenses.
I'm always willing to help you some more with any of your additional or other concerns. Take care!
If this is a purchase on a company credit card, where you need to enter all of the purchases in order to reconcile, then on the credit card charge split the details so that the company and personal expense are separate. Then use an Equity account for the personal expenses charged as the personal expenses are a draw on the business. I use a sub-account called Owner's Equity:Draw for things like this.
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