cancel
Showing results for 
Search instead for 
Did you mean: 
joycesyi
Level 3

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

Solved
Best answer November 05, 2018

Best Answers
Rustler
Level 15

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

1 Comment
Rustler
Level 15

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

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us