We have occasionally had to use our personal account to pay for business expenses either because we didn't have the business card with us or because of error. Regardless, there are several expenses as well as transfers to a business account from our personal account and as a result the personal checking account is showing a negative balance (it is not connected to QB thought a bank feed since we don't use it for business). The balance is obviously incorrect and I really just need to get it to $0. Can I just debit the personal checking account and credit the owner's draw account? Thank you in advance.
Thank you for the reply but company funds were not used to pay personal expenses. We used our personal account to pay for some business expenses so I guess I am a little confused as to why the company would need to be reimbursed? If we reimbursed the company it would be giving the company more rather than a reimbursement since the funds were never taken out of the business account (they were taken out of personal). The personal account (which I do not keep track of via the business QB) is showing a negative balance because of all the purchases and transfers. I just need to get the balance to zero.