Deposit Question

I got you covered with this expenses concern, gagirl102.  

When recording expenses, you can only enter one expense at a time. When expenses are paid using personal funds, the account to be credited should be the Owner's Equity. However, this account is a special automatically created account. 

Here's how:

1. Go to the List menu and select Chart of Accounts.
2. Click the Account drop-down and select New.
3. Select Equity and Continue.
4. Give it a name like "Owner's Equity" and enter all the necessary info.
5. Click Save & Close. 

Once done, find the new Owner's Equity account and record the expenses.

1. Go to the List menu and select Chart of Accounts.
2. Find the Owner's Equity account and double-click it.
3. Enter the date.
4. Select the payee's name.
5. Choose the expense account for the purchase.
6. Enter the same purchase amount in the Increase column.
7. Click Record. 

Once recorded, this will create a general journal entry. If you're recording multiple expenses, I'd suggest using a journal entry.

You can follow these steps:

1. Go to the Company menu and select Make General Journal Entries.
2. Select the appropriate expense accounts in the Account column.
3. In the Debit column, type in the amount of the transaction. You can select the customer from the Name drop-down.
4. Choose Owner’s Equity or Owner Investment in the next Account column. 
5. Enter the amount in the Credit column.
6. Click Save and Close.

Once done, let's create a check for reimbursement. 

1. From the Banking, click Write Checks.
2. Select the business bank account in the Bank Account field.
3. Enter the necessary details.
4. Go to the Expenses tab and enter the Owner's equity in the ACCOUNT column.
5. Enter the amount you want to reimburse.
6. Click Save & Close. 

In addition, you may check this link: How to Record Expenses Paid by the Owner's Funds. This will show you how to record a payment to a business credit card using personal funds. 

However, I highly recommend getting in touch with a professional accountant to record the transactions accordingly. 

Let me know if you have any other QuickBooks questions. I'll always be here available to help. Stay safe!

Thank you very much...I learned something but I don't think I worded my problem correctly so I will try again!!

My client has several business accounts. 

He transferred money from one checking to another checking.(Both are business account the I reconcile each month.

I did a transfer between checking 1 and checking 5.  Every thing is good up to this point.

Now I need to know how to credit an expense account with the transfer money.  I can not figure out how to do this.  I could do a journal entry but what in the world do offset the expense account with?

PS  I am glad you have my back!!  Thanks again!

I got you back, gagirl102. I'm here to ensure you're able to credit an expense account with the transfer money.

To do this, I'd suggest setting up and using a clearing account. This is used to move money from one account to another when you cannot move the money directly.

Here's how:

1. From the Lists menu, select Chart of Accounts.
2. Right-click anywhere in the Chart of Accounts, then select New.
3. In the Add New Account window, select the Bank radio button.
4. Select Continue.
5. In the Account Name field, enter Clearing Account.
6. Do not enter an opening balance.
7. Once done, click on Save & Close.

For more details, please see this article: Set up a Clearing Account.

Additionally, I've added these articles that'll help you make sure your QuickBooks accounts match your real-life bank and credit card statements: Reconcile Account.

I'm only a few clicks away if you need assistance with your other QuickBooks tasks, gagirl102. It's always my pleasure to help you out again.