How to record owner reimbursement with recurring bank transfers?
I wish to pay myself back for startup expense I incurred when starting my business. I wish to setup, through my bank, monthly payments from my business checking account to my personal checking account.
How would I record this in Quickbooks? My business checking account is linked. I have the following accounts:
>Owner's investment - where I log my movement of monies from personal checking to business checking
>Owner's startup investment - where I logged my startup expense purchased using personal cards
I'm happy to guide you today on how you can record these transactions in QuickBooks Online.
Before recording the investment, you need to set up an equity account from the Chart of Accounts. The next step is to record the investment. Since your account is linked to QuickBooks, you don’t need to record the investment. You just have to categorize the transaction associated with your deposits. However, if you don't automatically import your bank transactions, you can record a deposit into your equity account instead.
Select Bank Deposit from the New (+) icon.
From the Account drop-down menu, choose the bank account you're depositing the money into.
Enter the Date you deposited the money.
In the Add funds to this deposit section, enter the name of the investor in the Received from field.
Choose the appropriate equity account from the drop-down list in the Account field.
Specify a Payment method.
Enter the investment amount in the Amount field.
Tap Save and close.
By the time you need to pay back the funds from the investment, you can follow the instructions provided from this link as your guide on how to record it.
These articles also share information about recording investments and setting up/paying an owner's draw, you can read the details from here during your free time additional references: