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Hello - I am new to QBO and also to accounting but running a small business like most - I am proceeding carefully and so far I believe doing all right (we will see what my accountant says later..). I have a question related to credit card payments done from our personal checking or savings accounts (same bank). I want to make sure that I apply them correctly to the credit card but also record them correctly as owner's equity into the business. Can someone walk me thru the process ? The payments have already been made a few times last year before starting using QBO.
Thank you
Welcome to QuickBooks accounting, ecaille. It's great that you are being cautious and taking the right steps to manage your business finances.
I’d be happy to guide you through correctly recording your credit card payments from personal accounts.
First, you’ll have to record the expenses you paid for with personal funds. Here’s a step-by-step guide on how to do it:
Afterward, reimburse the money either as a Check or an Expense. Here's how:
By following the steps above, you’ve recorded the credit card payment correctly.
You can explore these articles for information on how to handle transactions when mixing business and personal expenditures:
Moreover, are you familiar with our QuickBooks Live Expert Assisted team? They are great at streamlining how you manage entries and oversee your financial activities. I strongly suggest looking into their services; their assistance could greatly enhance your accounting experience!
If you have more transactions like this or other questions as you continue your journey with QBO, feel free to reach out, ecaille. The Community is ready to help you out. Happy bookkeeping!
Another option, if you need to reimburse the expenses to your personal bank account, you can use a billing management app to sync with QBO.
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