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I am the owner of a Single-Member LLC, and I accidentally used my business card to pay for personal expenses. Specifically, I used the corporate credit card for a $100 Uber trip, which was for personal use. Should I reimburse the company for this amount, or is it sufficient to categorize these expenses as “Personal Expenses” in QuickBooks?
Could you please provide step-by-step guidance on how to handle this situation correctly?
Thank you for your assistance.
Hello @heppy-neural-net,
It’s a common mistake, no worries! Here's how to handle it:
This ensures your books stay clean and IRS-compliant. Always remember, personal expenses should stay personal!
Hope this helps!
P.S.: I’m a QuickBooks ProAdvisor with 7+ years of experience. Need help with QuickBooks Bookkeeping?
Google my username to see my proven track record!
Yes, Jeremy, you can reimburse the company for that amount. Thank you for reaching out about the personal expenses charged to your business card. I’d love to expand on kabel1657's insights and guide you through the steps needed to achieve your goal.
I appreciate you providing a detailed response about Jeremy's concern, @kabel1657. Allow me to have additional information with handling personal expenses from a business credit card in QBO.
Record a personal expense from a business account.
After that, you can now reimburse the company.
Meanwhile, it's a good idea to reconcile your accounts in QBO to make sure they align perfectly with your actual bank accounts. I'm also adding this guide to learn how to handle personal and business expenses: Mixing business and personal funds in QuickBooks Online.
Remember, I’m just a message away if you need any help. Feel free to drop a comment below, and I'll respond as soon as I can. Enjoy the rest of your day.
I used my business credit card for a personal $100 Uber trip. In QuickBooks, I followed the steps to record the personal expense and then entered the reimbursement as a Bank Deposit. For the Account field, I selected my business checking account. Is this correct, or should I have selected something else?
What’s the next step to ensure everything is recorded properly?
Thank you for taking the time to connect with me, Jeremy. I'd be glad to provide you with step-by-step instructions on how to handle reimbursement in QuickBooks. As a QuickBooks expert, I know that managing reimbursement can be a time-consuming process, so I'm here to help simplify things for you.
When it comes to recording a reimbursement as a Bank Deposit, it's vital to choose the correct account under the Account field. To ensure that the reimbursement is deposited into the right account, always select your business checking account where the money is deposited. By choosing this option, you can rest assured that your accounting and financial reporting are accurate and up-to-date.
In case you need to pay expenses with owner funds, here's a guide on how to do it: Pay for business expenses with personal funds.
Furthermore, after connecting your Venmo business account to QBO successfully, you'll need to review the downloaded transactions. Refer to this article for future guidance: Categorize online bank transactions in QuickBooks Online.
Please feel free to let me know if you have any further questions or concerns. I'm more than happy to assist you in any way I can!
If you haven't paid the cc balance already, the easiest and cleanest way to handle this is to pay the $100 charge on your cc from your personal account and leave the transaction out of your company books - no recording and no reimbursement required. Exclude the Uber transaction from your bank feed if you haven't already or delete it if you added it and haven't paid the balance. If you paid the cc balance out of the business account, then you should follow the advice provided by @kabel1657.
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