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vanessa-viera
Level 3

Before my business acct was created i had to make purchases thru personal. I dont want a reimbursement as it was an investment. How can i record the receipts & journal?

 
Solved
Best answer May 13, 2020

Best Answers
Rasa-LilaM
QuickBooks Team

Before my business acct was created i had to make purchases thru personal. I dont want a reimbursement as it was an investment. How can i record the receipts & journal?

Let me welcome you first to the Community, vanessa-viera.


Tracking your receipts and journal is a breeze. We’ll have to create a journal entry to track these transactions. If you haven’t created an expense and equity account, I have a few easy steps to accomplish this task.


Here’s how:

 

  1. Go to the Accounting menu on the left panel to select Chart of Accounts.
  2. Tap the New button to open the Account window.
  3. From the Account Type drop-down, choose Expenses and then choose the correct category in the Detail Type drop-down.
  4. Enter a term that will easily identify the account in the Name field.
  5. Fill in the remaining fields and then hit Save and close.

To add the Equity account:

 

  1. Follow steps 1-2 (above process).
  2. Choose Equity in the Account Type drop-down and then select Owner’s equity or Partner’s equity from the Detail Type drop-down.
  3. Key in a name for the account in the Name field.
  4. Fill in the field boxes and then press Save and Close.

Now that the accounts are already set up, let's enter the journal entry. Here’s how:

 

  1. Tap the New menu to select Journal Entry under Other.
  2. On the first line, pick the expense account for the purchase.
  3. Type in the purchase amount in the Debits column.
  4. Go to the second line to choose Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Press  Save and close.

For additional resources, let me share the Pay for business expenses with personal funds guide. It provides an overview on how to reimburse the money spent and a video for visual reference: Video tutorials for QBO.

 

You can also bookmark this link for reference. It contains online tutorials to help you get acclimated with the product's features: 


Reach out to me if you have any other concerns or questions. I’ll be right here to answer them for you. Enjoy the rest of the day. 

View solution in original post

2 Comments
Rasa-LilaM
QuickBooks Team

Before my business acct was created i had to make purchases thru personal. I dont want a reimbursement as it was an investment. How can i record the receipts & journal?

Let me welcome you first to the Community, vanessa-viera.


Tracking your receipts and journal is a breeze. We’ll have to create a journal entry to track these transactions. If you haven’t created an expense and equity account, I have a few easy steps to accomplish this task.


Here’s how:

 

  1. Go to the Accounting menu on the left panel to select Chart of Accounts.
  2. Tap the New button to open the Account window.
  3. From the Account Type drop-down, choose Expenses and then choose the correct category in the Detail Type drop-down.
  4. Enter a term that will easily identify the account in the Name field.
  5. Fill in the remaining fields and then hit Save and close.

To add the Equity account:

 

  1. Follow steps 1-2 (above process).
  2. Choose Equity in the Account Type drop-down and then select Owner’s equity or Partner’s equity from the Detail Type drop-down.
  3. Key in a name for the account in the Name field.
  4. Fill in the field boxes and then press Save and Close.

Now that the accounts are already set up, let's enter the journal entry. Here’s how:

 

  1. Tap the New menu to select Journal Entry under Other.
  2. On the first line, pick the expense account for the purchase.
  3. Type in the purchase amount in the Debits column.
  4. Go to the second line to choose Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Press  Save and close.

For additional resources, let me share the Pay for business expenses with personal funds guide. It provides an overview on how to reimburse the money spent and a video for visual reference: Video tutorials for QBO.

 

You can also bookmark this link for reference. It contains online tutorials to help you get acclimated with the product's features: 


Reach out to me if you have any other concerns or questions. I’ll be right here to answer them for you. Enjoy the rest of the day. 

View solution in original post

vanessa-viera
Level 3

Before my business acct was created i had to make purchases thru personal. I dont want a reimbursement as it was an investment. How can i record the receipts & journal?

Thank you so much! This is exactly what i needed to know!

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