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rebecca_rasmusse
Level 1

How are credit card reimbursements handled? So I am not tracking the expense for the credit card, but need to receipt the reimbursements. What G/L would I use?

 
2 Comments 2
Anthony Accounting Center
Level 1

How are credit card reimbursements handled? So I am not tracking the expense for the credit card, but need to receipt the reimbursements. What G/L would I use?

Can you please clarify your question? So I would be able to give the answer that you need. 

 

All the best

Anthony Accounting Support Center

Jovychris_A
Moderator

How are credit card reimbursements handled? So I am not tracking the expense for the credit card, but need to receipt the reimbursements. What G/L would I use?

Thanks for posting to the Community, @rebecca_rasmusse.

 

Let me show you on how to record the credit card reimbursements in QuickBooks.

 

Firstly, you'll have to create an equity account.

  1. Go the Gear icon and then select Chart of Accounts.
  2. In the Chart of Accounts window, select New.
  3. From the Account Type drop-down, choose Equity.
  4. From the Detail Type drop-down, select Owner’s Equity.
  5. Enter an opening balance.
  6. Select Save and Close.

 

Then, you can create a check from an Owner's Equity account for the amount of reimbursement.

  1. Click the + New icon and then select Check.
  2. Choose the credit card account where your money will be withdrawn.
  3. Select Print later if you want to print the check.
  4. Fill in the check fields. In the Account field, be sure to select the Owner's equity you created. 
  5. Once done, click on Save and Close.

 

As for accounting preferences, I recommend consulting your accountant for professional advice. They know which financial records to use for G\L.

 

In case you wanted to run, print, email, and export reports in QuickBooks Online (QBO), you can check this article: Run Reports in QuickBooks Online. From there, you can see the links on how to customize and memorize reports in QBO.

 

If you have other concerns, feel free to post a comment below. The Community is always ready to help. Take care!

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