cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

I take personal draw of 10k per month. Out of that draw I spend 5k per month for business expenses on a personal credit card. how do I enter those expenses properly.

 
1 Comment
Highlighted
Level 11

I take personal draw of 10k per month. Out of that draw I spend 5k per month for business expenses on a personal credit card. how do I enter those expenses properly.

@tctray 

 

"I take personal draw of 10k per month. Out of that draw I spend 5k per month for business expenses on a personal credit card. how do I enter those expenses properly."

 

Normally personal draw-type goes to Equity account, not expense type. You would want to offset against the same account for business expenses you paid.

To enter business expenses on a personal credit card, you can go to the Equity register (left Dashboard > Accounting > Chart of Accounts > Owner's pay & expenses under Equity) and add a Journal Entry. You should post to the Increase column. See the screenshot for reference.

 

 

equity-register.PNG

 

Need to get in touch?

Contact us