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I'll help you record the transaction, Nokia_151. This will just take a few clicks.
First, let's add the personal bank/credit card account. This way, we can link it when we create the expense transaction.
Here's how:
Next, let's create an expense transaction or check to record the expenses. Here's how:
Although, if this expense hasn't been paid yet, you can create a bill, then pay it using the personal account.
I'll share the article on how to pay for business expenses with personal funds. This will provide the steps on how to reimburse a personal expense.
If another question arises, please feel free to reach out to us again. We'll respond to you as soon as we can.
I'll help you record the transaction, Nokia_151. This will just take a few clicks.
First, let's add the personal bank/credit card account. This way, we can link it when we create the expense transaction.
Here's how:
Next, let's create an expense transaction or check to record the expenses. Here's how:
Although, if this expense hasn't been paid yet, you can create a bill, then pay it using the personal account.
I'll share the article on how to pay for business expenses with personal funds. This will provide the steps on how to reimburse a personal expense.
If another question arises, please feel free to reach out to us again. We'll respond to you as soon as we can.
There are several ways to do paying for business expenses with personal funds, I prefer
bring up an expense transaction, list all the expense accounts you need to and the total amounts for each
then on the next line
IF, if you are taxed as a sole proprietor or a partnership, select your equity investment account and enter the total as a negative number, save
OR
IF you are taxed as a c-or s-corp select a liability account you set up named due to [name] and enter the total as a negative number, save. Later you pay yourself back using the due to account as the expense for the payment
For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here
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