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lostinaccounting
Level 2

personal expenses not being reimbursed (QBO)

Let's say I buy a paper shredder with my own personal money for use in my business, which is an LLC partnership. It costs $50 (I bought it before we had a business checking account, etc.)

 

The business didn't agree to this $50 spend-it was a personal purchase, not a company purchase. Being that it's for business use (home office) I essentially want to write it off-I want $50 to be removed from my taxable income as a 50% owner in the business. I do not want the business to reimburse me for the $50 (it was my purchase, not the company's) but I don't want the $50 included in my taxable income. 

 

How would I log this in QBO?

 

I have logged personal expenses that I DO want to be reimbursed for (I did these as bills with myself as the vendor) and I have logged owners investment (an initial $750 to cover startup costs). I did this in an account I created (equity>partner's contributions>owners investment) but the paper shredder feels different. The $750 is actually an investment, to use for whatever we need it for. The $50 for a paper shredder isn't necessarily an "investment" (or is it?)

 

So a personal expense that I don't want the business to reimburse me for but I want reduced from my taxable income as a 50% owner in the business-where does it go?

 

Hopefully that made sense..I'm new, can ya tell?!

1 Comment
Rustler
Level 15

personal expenses not being reimbursed (QBO)


@lostinaccounting  wrote:

Let's say I buy a paper shredder with my own personal money for use in my business, which is an LLC partnership. It costs $50 (I bought it before we had a business checking account, etc.)

 

The business didn't agree to this $50 spend-it was a personal purchase, not a company purchase. Being that it's for business use (home office) I essentially want to write it off-I want $50 to be removed from my taxable income as a 50% owner in the business. I do not want the business to reimburse me for the $50 (it was my purchase, not the company's) but I don't want the $50 included in my taxable income. 

 

How would I log this in QBO?

Sorry that can not be done. either the company reimburses you and claims the expense, or you have made an investment in the company  which is reflected in your equity>investment account

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