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Hi, I purchase a CamScanner App on Apple Store. Paid $36 using my Itunes(Apple ID) Balance. How do I record this transaction in Quickbooks Online? Thanks
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It depends on how the company is taxed
if you are a sole proprietor or a partnership, then post the purchase as being from owner/partner equity investment. Number of ways to do that, but easiest IMO is a journal entry, debit expense and credit equity investment
if you are taxed as a c- or s-corporation, then you create a liability account named something like due to [name] and use a journal entry, debit expense and credit liability. later the company pays you back using the liability account as the expense (reason) for the payment
It depends on how the company is taxed
if you are a sole proprietor or a partnership, then post the purchase as being from owner/partner equity investment. Number of ways to do that, but easiest IMO is a journal entry, debit expense and credit equity investment
if you are taxed as a c- or s-corporation, then you create a liability account named something like due to [name] and use a journal entry, debit expense and credit liability. later the company pays you back using the liability account as the expense (reason) for the payment
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