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numbersarehard
Level 1

Reimbursing business expenses made on a personal cc.

Hi All. 

I have looked and looked for an answer to this question with no luck. 

I am using my personal cc to pay for some business expenses. I am comfortable entering bills, paying them by cc and reconciling the cc account. QB help is then directing me to pay the bill with the cc company as the vendor. 

The issue that I have is that I need to issue a check to myself as I deposit the funds into my personal account and pay the cc balance from there. Should I use myself as the vendor? Should I use the cc as the vendor and assign my name in the "print name on check as" field of the vendor profile? 

Please advise, thank you. 

1 Comment 1
Rustler
Level 15

Reimbursing business expenses made on a personal cc.

As long as the company is taxed as a sole proprietor or a partnership, the value you take from the company is an equity draw.

 

Create a cash type bank account in the chart of accounts, and title it owners. Make payments from that checking account to pay the expenses paid by your personal CC. Do not print them.

 

then make a payment from business checking and deposit to that owners checking account in the total amount needed to bring the balance back to zero and use owner equity drawing as the expense (reason) for the payment

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