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Join nowGiven the year and lack of business. I needed to pay my credit card bills with my personal account. I do not know how to indicate this. Especially when I download the activity into quick books and where does the money come from do
i record it as a transfer or a payment for credit card?
create a cash type bank account called owners
pay the CC with a check, do not print this is data entry,
then do a deposit to that same bank and use owner equity investment as the source account for the deposit
then download and match
Thank you for your suggestion- question what is the detail type for Bank? Cash on hand or checking?
Let's help you decide which detail type you need for the bank account, Globalguru.
Detail types play an important role in your books. Their job is to help you select and name accounts more appropriately. So, when you run reports like profit and loss, you know exactly what’s making money and what you’re spending it on.
You can select a detail type when you create new accounts. Here's a visual guide for you:
Learn how Craig’s Design and Landscaping set up their accounts in our test QuickBooks company for great examples of using detail types.
I suggest consulting with your accountant first to know which one is best for your bank account. If you don’t one, here's how to find an Accountant near you.
Check out added these articles for future guide:
I'm happy to help if there's anything else you need with setting up a bank account in QuickBooks. Just leave a comment below, and I'll get back to you.
I had a hard time following the instructions for paying a business credit card with personal funds. My business account has savings, checking, and credit cards all from the same credit union.
Instead of transferring cash from my business account to pay the CC each time, do I need a separate personal QBO account to best track how the funds are paid to the CC accout.
It is a direct transfer from a personal Bank Account to a Business credit card?
can you give step by step if you have time
Hello there, Evie55. I appreciate you for joining this thread.
I'm here to share the complete instruction when paying your business credit using your personal funds.
You don't need a separate QuickBooks Online account to track the funds. QuickBooks handles it through creating a journal entry to record the business expense you paid for with personal funds. Here's how:
When reimbursing the personal expense, we can record it as a check or an expense. The steps below will guide you through the complete procedure.
If you want to do a direct transfer from a personal Bank Account to a Business credit card, I'd highly recommend consulting your accountant. They can share the best way to handle this and ensure to keep your book accurate from time to time.
For additional details, visit this article: Pay for business expenses with personal funds.
I'm just around to help if you have further questions or concerns about the other parts or areas of the program. Simply add the details below and I'll get back to you. Take care and have a good one!
Thanks for helping.
The expense account is my Business Credit card that I want to pay with my personal non-business funds correct?
The Partner's equity or Owner's equity is my personal account.
Is paying the business CC from a personal account considered an Expense?
Steps would be helpful sorry, been a year, and still learning, and new to business CC and CPA out of town
Thanks
Erika
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