How do I categorize payments that are issued back to owners for expenses???
I am currently operating a Trucking business with 2 other partners. When we started, we were paying for expenses out of our pocket and then paying the money back individually once it's in the company account.
How do I categorize the transaction showing the money paid back to the individual owner out of the company's account? So far I have been categorizing it as Partner Distribution.
Also, how do we record a transaction that came out of our individual accounts for expenses to balance it out.