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Level 1

business card used for personal expense, followed by reimbursement

I accidentally used my business card for a personal expense, and now want to reimburse the company.  How do I record these two transactions?  I'm self-employed, single employee, using Quickbooks desktop 2016.

2 Comments
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Level 15

business card used for personal expense, followed by reimbursement

are you on payroll, you say you are an employee and that is what that requires

 

assuming you are not on payroll, meaning the company is not taxed as a corporation.

enter the charge against the credit card and use owner/partner equity drawing

 

to pay your company back, enter the deposit and use owner/partner equity investment as the source account for the deposit

Highlighted
Level 1

business card used for personal expense, followed by reimbursement

Thanks, you're correct, I'm not on payroll, this is a sole proprietorship.  

 

Regarding Owner/Partner Equity drawing, would this be the same as Owner Equity/Contribution?

 

Sorry, I'm just not familiar with this account, haven't used it before.

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