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Level 1

Used business credit card for personal purchase

Hello,


I used my business credit card (connected to QB) to purchase a personal item.
On 12/13/20, I recorded the transaction in the business credit card by entering $967.68 as a charge using the category of Expense Owner's Pay & Personal Expenses.

 

I made three payments to pay off the amount charged on 12/13.

 

When I made the payments to the credit card, I wrote checks from my personal checking account which is not connected to QB.

How should I now record these payments, or is there a way to make an adjustment transaction to get my business credit card to reconcile?

 

I realize that a better way to do it would be to deposit the amount of the payment from my personal checking account into the business checking account, and then making the payment to the credit card from the business checking account.

I'm using QB Online for Mac.  iOS Mojave 10.14.5

Thank you

 

 

 

 

Solved
Best answer July 13, 2020

Best Answers
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Community Champion

Used business credit card for personal purchase

The original charge on the business account was owner draw equity. Payment with personal funds of the now business obligation is owner contribution equity

View solution in original post

3 Comments
Highlighted
Community Champion

Used business credit card for personal purchase

The original charge on the business account was owner draw equity. Payment with personal funds of the now business obligation is owner contribution equity

View solution in original post

Highlighted
Level 1

Used business credit card for personal purchase

Thank you john-pero.

I think this is going to work.  I have entered the payment transactions, and am going to try to reconcile the credit card account now.

Thanks so much.

Highlighted
Level 1

Used business credit card for personal purchase

Hi john-pero,

I followed your instruction, and was able to reconcile my credit card account.

 

Thank you very much!

 

 

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