How to record business expenses paid with personal CC and Checking accounts?Knowing all accounts' transactions are connected online to QB online version.

smartclick05 · ‎October 19, 2018

Example: buying office supplies and a computer with personal CC and then paid personal CC dues with Business Checking account.

I found similar answers such as: making Journal Entry with two lines one Debit and one Credit. Then, use Expense to record reimbursing Owner's Equity !!...Would this method works for transactions that already recorded from online bank accounts feed? and How? I thought Joural Entries will cause duplicate entries with online transcation feed! I will be taxed as S-Corp. Please help..Thank you

Rustler · ‎October 19, 2018

For a corporation

Create a current liability account called due to [name]

Then the easiest way IMO, is to create a dummy bank account. Use menu plus>vendors>expense, set the pay from account to the dummy account, select the expense account and enter the amount. That will drive the dummy bank account negative.

IF,
if you are paying yourself back immediately, write a check to yourself from the business bank account and use the dummy bank as the expense for the check
or,
if you will wait to pay yourself back, make a deposit to the dummy bank account for the total amount, and use the due to [name] account as the source (from) account for the deposit. That will set the dummy bank to zero balance.

Later you write a check to yourself from the business bank account and use the due to [name] account as the expense for the check.

View solution in original post

Rustler · ‎October 19, 2018

For a corporation

Create a current liability account called due to [name]

Then the easiest way IMO, is to create a dummy bank account. Use menu plus>vendors>expense, set the pay from account to the dummy account, select the expense account and enter the amount. That will drive the dummy bank account negative.

IF,
if you are paying yourself back immediately, write a check to yourself from the business bank account and use the dummy bank as the expense for the check
or,
if you will wait to pay yourself back, make a deposit to the dummy bank account for the total amount, and use the due to [name] account as the source (from) account for the deposit. That will set the dummy bank to zero balance.

Later you write a check to yourself from the business bank account and use the due to [name] account as the expense for the check.

Myria30 · ‎January 27, 2019

Would the same answer apply for an LLC partnership? I am looking at going back to when we first started the business in September of last year. There were several expenses that we personally paid for and have since been reimbursed from the company. I was just unsure as how to record it. We just purchased QB online.

Topics

Training

Community

Resources

How to record business expenses paid with personal CC and Checking accounts?Knowing all accounts' transactions are connected online to QB online version.