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Level 1

How to record an owner's expense reimbursement in online quickbooks

 
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How to record an owner's expense reimbursement in online quickbooks

Happy Monday, @francesco_umi.

 

I'm here to get you on the right track towards recording that owner's expense reimbursement. Due to some reformatting here in the Community last week, the article provided above seems to be down right now but will be available again shortly. In the meantime, I'll walk you through the included information below. If you haven't already, start by recording the owner's expense:

 

Record a business expense paid by the partner/owner's personal funds

  1. From QuickBooks Online, click the Plus (+) icon, select Journal Entry.
  2. Enter an Expense account and debit the amount of the expense on the first line.
  3. Select Owner's Equity or a Partner account and credit it for the same amount. Select Save and close.

Here's a quick video showing the process of creating this journal entry:

 

 

Record the owners' reimbursement

  1. Click the Plus (+) icon and select Expense.
  2. Select the bank account used for the reimbursement.
  3. On the first line, select Owner's Equity or a Partner account and enter the amount. Click Save and close.

This video gives a brief example:

 

 

All of this information is also available in our video tutorial on Recording Expenses with Owner Funds for your convenience. I want you to know I'm always available here for all of your QuickBooks needs. Thanks for coming to the Community, wishing you a safe and successful week ahead.

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Level 1

How to record an owner's expense reimbursement in online quickbooks

The initial recording of expense does not indicate GST and who the Vendor is?

 

This is not sufficient audit evidence. 

 

A vendor and GST(Tax) code needs to be included. 

 

I can not seem to post an expense to the shareholder account.

 

How do I post an expense entry showing a vendor, tax code and credit entry to the "due to shareholder" account?

 

Thanks in advance

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