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Level 1

How to reimburse expenses paid for with personal account via receipts?

I have some receipts entered into quickbooks that are expenses I paid for with a personal card before I had a business account setup.

 

I'd like to use the "create expense" feature to make a total of expenses and repay myself with one transaction;  I've tried to enter "owner invesment" as the "bank/credit account" and have tried several other accounts for the "account/category" but no matter what I try, I keep getting the "You need to select a different type of account for this transaction." error.  I am never told which account is incorrect with this ambiguous error message.

 

How can I get this fixed?  Thanks!!

3 Comments
Level 4

Re: How to reimburse expenses paid for with personal account via receipts?

Hi J!

The best solution would be to create a reimbursement expense to yourself through the owners equity account and then create a journal entry crediting the equity account and debiting the respective expense accounts. For example,


You buy 10.00$ in postage with your own money. 
An expense is created, as a owner's draw, for the total of 10.00$

Then create a journal entry, debiting postage for the 10.00$ and crediting owner's draw for 10.00$.

 

This will capture the expense as well as the repayment to you. Hope this helps! If not let me know and we'll find an alternate solution. 

Level 1

Re: How to reimburse expenses paid for with personal account via receipts?

I open up the receipt in quickbooks and select "Reimbursable Expenses" as the "Bank/Credit Account" and "Owner's Investment" as the "Account/Category" but when I click save I get the "Somethin's not quite right, You need to select a different type of account for this transaction" error message.

 

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Level 1

Re: How to reimburse expenses paid for with personal account via receipts?

Hi Easton,  thanks for your reply.

 

I think my hangup is I don't know what to put for the "Bank / Credit account" and "Account/Category" fields to make quickbooks accept the receipt and create an expense.  All I get is that error message like in the picture.  I was able to make the journal entry but I can't match anything up without the expense creation via receipt.

 

This is bugging me because I would think it would be as simple as "make an expense that is in the category for repayment to owner" which would have a running total, then I could just write one check to reimburse myself for the total.

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