How do I post a journal entry. There are some expenses that I personally paid for that I wish to record for my true P&L

Welcome to the Community, @webolution. I'll be your Quickbooks guide today. 

At the moment, creating a journal entry in QuickBooks Self-Employed (QBSE)isn't available. However, you can manually enter your transactions from the Transactions page to make syre they'll be added to your estimated tax calculations. 

Here's how: 

1. Go to the Transaction menu, then select Add Transaction.
2. Enter the amount and a description.
3. Select Category in the menu. See this article to learn more about categories.
4. If you have a receipt, you can drag and drop it onto the form.
5. Select Save.

For your reference, check out these articles to know more about adding transactions manually through mobile apps:

• Manually add transactions in QuickBooks Self-Employed
• Add older transactions to QuickBooks Self-Employed
• Enter receipts on your QuickBooks Self-Employed mobile app

Additionally, read this article for additional reference about categorizing transactions in QBSE.

I'll be right here to help some more if you need further assistance in adding your transactions, @webolution. Have a good day!

Hi @webolution,

Hope you’re doing great. I wanted to see how everything is going about recording a journal entry in the QBSE concern you had yesterday.

Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

Looking forward to your reply. Have a pleasant day ahead!

Sorry that it took me a but to get back to you. I see how to do manual transactions, but I am not sure that is going to work. Here is the scenario. My small business is a side business and I pay some of the business expenses myself, rather than run them through the business bank account. I would like to record those so I get an accurate P&L. So, for example, if I have a cell phone I use for the business and I pay the bill one month, I need to record that. This would affect the equity and net income, but not the cash position in the bank account itself. How do I do that?

I'll help you record the transactions correctly, webolution.

QuickBooks Self-Employed is single-entry bookkeeping. Although we recommend not to mix business and personal funds, we know it happens sometimes. Not to worry, I've got the steps to resolve this.

To record the transactions, let's categorize them as Transfers. Usually, this is used when you move money between your business or personal accounts. There are three categories for transfers: owner's deposit, owner's withdrawal, and credit card payment.

If the personal card payment made was for personal purchases, use the owner's withdrawal. In case the purchase was for the business, select credit card payment. For more details, please see this article: Categorize Money Transfers in QuickBooks Self-Employed.

Once the correct category is selected, we can now record the transactions.

1. Click either Business or Personal under Type.
2. Move to the Category and Tags column and look for Transfer in the Search bar.
3. Click Transfer. 

Then, click the drop-down list for Type, and then select Transfer to see all transactions tagged as Transfers.

To avoid any duplicate transactions, please check out this guide.

I've also added our QuickBooks Self-Employed Overview for reference. This helps you learn more about how QuickBooks tracks everything throughout the year.

Please know that you can always get back to this thread if you need further assistance in handling self-employed transactions. 

Does my personal account need to be connected also?

Thanks for getting back, webolution.

Regarding your follow-up question, it's not necessary to connect your personal account to it since QuickBooks Self-Employed (QBSE) only tracks income and expenses.

Here's an article for an overview of how QBSE works: QuickBooks Self-Employed Overview.

If there are any income and expenses that are under your personal account and wanted to record and track it in QBSE, then you'll want to connect the account.

For the steps on how to do it, refer to this article: Connect bank and credit card accounts to QuickBooks Self-Employed.

Anything I can help you with posting journal entries, feel free to drop me a reply below. Hope you have a good one.

I tried a credit card payment and it did not affect the P&L. So I removed that transaction and tried a transfer. For some reason, when I save a transfer, it doesn't save. Please advise.

Thanks for getting back here, webolution.

I'd like to help you successfully record the transaction. To verify, are you getting any error messages or no respond after clicking the Save button? If so, let's do some basic troubleshooting steps. This might be a result of outdated or corrupt cache files in your web browser. 

Here's how:

1. Open an incognito or private browser. This mode will not save your browsing history. You can use the keyboard shortcuts below.
2. Go to Transactions on the left panel and click the Add transaction button. If you're able to save the transfer, then you'll want to clear the cache from your regular browser.
3. Restart your browser afterwards.

You can also use a different supported browser as an alternate solution. 

Please let me know how it goes after trying this out. I'm always around ready to lend a helping hand.

This seems to make sense, but I'm so new to this QBO. Can I even do receipts, so I can put in the catagory & record personal funds that were used to pay for the expense.

QuickBooks offers a way to accurately track personal funds that were used to pay for business expenses, @Wildlifeab. I’d be glad to discuss it with you.

Before making any receipts, QuickBooks uses a Journal entry to record business expenses you paid for with personal funds. Then, you can create a check or an expense transaction to reimburse the amounts. I’m glad to walk you through the process:

To make a journal entry:

1. Within your QuickBooks Online account, select the + New button.
2. Select Journal entry.
3. On the first line, select the expense account for the purchase.
4. Enter the purchase amount in the Debits column.
5. On the second line, choose Partner's equity or Owner's equity.
6. Enter the same purchase amount in the Credits column.
7. Tap Save and close.
   

For the reimbursement, you have two options. Please refer to the instructions below:

Option 1

1. Select + New, then choose Check.
2. Select a bank account to use to reimburse the personal funds.
3. In the Category column, choose Partner's equity or Owner's equity.
4. Enter the amount, then hit Save.

Option 2

1. Select + New.
2. Click Expense.
3. Select a bank account to use to reimburse the personal funds.
4. In the Category column, select Partner's equity or Owner's equity.
5. Enter the amount of the reimbursement.
6. Press Save and close.

You can visit this reference to watch and learn more about the process: Pay for business expenses with personal funds.

Moreover, here’s a resource that consists of details on how to manage the business and personal expenditures in the program: Mixing business and personal funds. It’ll give you the best practices to keep your books intact and balanced.

If you need further assistance handling these funds, just let me know. This way, I can provide resolutions right away. I’m always here to help every step of the way. Have a good day!