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BookBee
Level 1

Shareholder Loan or Petty Cash?

I spent money using my personal account before I could open my business bank account. I now want to enter those receipts.. I think it would be easier to pay myself back as a Petty Cash but should I do this a different way through a Shareholder Loan? Can someone walk me through how to enter that? 

 

What would be the benefit to doing it as a shareholder and not just paying back in Petty Cash? 

Solved
Best answer April 18, 2021

Best Answers
Rose-A
Moderator

Shareholder Loan or Petty Cash?

I'd be glad to share with you the steps in entering those receipts in QuickBooks Online, BookBee.

 

You can enter those receipts using journal entries in QuickBooks Online. However, using this method needs the assistance of an accounting professional for the accounts you need to use (Shareholder Loan or Petty Cash).

 

Also, they'll be able to help and guide on which account to debit and credit. Here's how:

 

  1. Click + New in the left panel and choose Journal entry.
  2. Fill out the fields to create your journal entry and enter the amounts.
  3. Hit Save and close.

 

For the detailed steps and instructions, check out this article: Pay for business expenses with personal funds. This will provide you steps on how to reimburse the money.

 

Additionally, you can scan through this write-up: Mixing business and personal funds. It contains more details about how to manage your personal funds in QuickBooks Online.

 

Feel free to drop me a line if you have any other QuickBooks concerns. I'll be sure to get back to you and help you whenever I can. Keep safe and have a good one.

View solution in original post

2 Comments 2
Rose-A
Moderator

Shareholder Loan or Petty Cash?

I'd be glad to share with you the steps in entering those receipts in QuickBooks Online, BookBee.

 

You can enter those receipts using journal entries in QuickBooks Online. However, using this method needs the assistance of an accounting professional for the accounts you need to use (Shareholder Loan or Petty Cash).

 

Also, they'll be able to help and guide on which account to debit and credit. Here's how:

 

  1. Click + New in the left panel and choose Journal entry.
  2. Fill out the fields to create your journal entry and enter the amounts.
  3. Hit Save and close.

 

For the detailed steps and instructions, check out this article: Pay for business expenses with personal funds. This will provide you steps on how to reimburse the money.

 

Additionally, you can scan through this write-up: Mixing business and personal funds. It contains more details about how to manage your personal funds in QuickBooks Online.

 

Feel free to drop me a line if you have any other QuickBooks concerns. I'll be sure to get back to you and help you whenever I can. Keep safe and have a good one.

View solution in original post

BookBee
Level 1

Shareholder Loan or Petty Cash?

Thanks so much!

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