Let me guide you on how to record an expense paid by personal cash, dbscott0424-gmai.
First, we can create a journal entry to record a business expense paid by your personal funds. In this case, it would be best to consult your accountant. They'll help you on what posting accounts you need to apply in the journal entry.
Here's how:
- Click the New Plus (+) icon.
- Choose Journal entry under Other.
- Select the expense account for the purchase in the first line. Then, enter the purchase amount in the Debits column.
- On the second line, choose the Owner's equity or Partner equity. Then, enter the same purchase amount in the Credits column.
- In the Memo field, add Reimbursement to help you identify the transaction later.
- Tap Save.
Lastly, create a check or an expense transaction to reimburse the amount. For the steps and details, refer to this article: How to pay for business expenses with personal funds. Then, proceed to Step 2: Decide how you want to reimburse the money section.
I have articles here about managing your business and personal funds:
Fill me in if you need a hand with reconciling your accounts or any QBO related. I'm glad to help. You have a good one.