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Join nowHello, I have thought about this and can not figure out what to do in this situation. If anyone can help, I would really appreciate it. My client keeps transferring money from one account to another. That is fine. I just do a transfer. The problem is that I can't figure out how to then credit the expense account (Missions) to show that some money has been paid back to this expense account. Maybe I am overthinking this, but I am truly stumped. Thank you!
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:
Once done, find the new Owner's Equity account and record the expenses.
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:
Once done, let's create a check for reimbursement.
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:
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.
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