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Level 2

If I purchased an app for my business on Itunes, paid by my personal Itunes Balance, how do I record this on the corporate ledger?

Hi, I purchase a CamScanner App on Apple Store. Paid $36 using my Itunes(Apple ID) Balance. How do I record this transaction in Quickbooks Online? Thanks

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Best answer 11-05-2018

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Level 15

Re: If I purchased an app for my business on Itunes, paid by my personal Itunes Balance, how do I record this on the corporate ledger?

It depends on how the company is taxed

if you are a sole proprietor or a partnership, then post the purchase as being from owner/partner equity investment. Number of ways to do that, but easiest IMO is a journal entry, debit expense and credit equity investment

if you are taxed as a c- or s-corporation, then you create a liability account named something like due to [name] and use a journal entry, debit expense and credit liability. later the company pays you back using the liability account as the expense (reason) for the payment

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1 Comment
Level 15

Re: If I purchased an app for my business on Itunes, paid by my personal Itunes Balance, how do I record this on the corporate ledger?

It depends on how the company is taxed

if you are a sole proprietor or a partnership, then post the purchase as being from owner/partner equity investment. Number of ways to do that, but easiest IMO is a journal entry, debit expense and credit equity investment

if you are taxed as a c- or s-corporation, then you create a liability account named something like due to [name] and use a journal entry, debit expense and credit liability. later the company pays you back using the liability account as the expense (reason) for the payment

View solution in original post

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