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Airfab59105
Level 1

paid a personal credit card out of business corporation account

I accidentally paid our personal credit card with the business account.  It is a S-corp, but my husband is 100% share-holder.  I created a check to show the expense, but I'm not sure how to reimburse the company.  I use QB desktop for Mac

3 Comments 3
JessT
Moderator

paid a personal credit card out of business corporation account

Hello Airfab59105,

 

I've encountered cases similar to yours, and I'm happy to share the steps to reimburse your company. To do this, you'll want to make a bank deposit and enter the following:

  • Deposit To: The business account to be reimbursed.
  • FROM ACCOUNT: select the expense account you used on your expense transaction
  • MEMO: Something like reimbursement; accidental use of the business account to pay personal CC
  • PMT METH: The payment method you used in the reimbursement.
  • AMOUNT: The amount of the transaction.

deposit.PNG

 

As a result, your business account is replenished. Then, the expense was offset from your expenses account since this not a business expense anyway.

 

If you have other questions about the reimbursement, please let me know.

Ackool86
Level 1

paid a personal credit card out of business corporation account

What if I paid a business credit card with personal funds, how could that be fixed?

 

LieraMarie_A
QuickBooks Team

paid a personal credit card out of business corporation account

Hi there, @Ackool86. I'll help you track the credit card expense and record the reimbursement.

 

First, follow these steps to record the business expense paid for with personal funds using a journal entry:

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. On the first line, select the expense account for the payment.
  3. Enter the amount in the Debits column.
  4. On the second line, select Partner's equity or Owner's equity.
  5. Enter the same amount in the Credits column.
  6. Select Save or Save & Close.

 

Once done, the instructions below will guide you on how to pay back the funds:

 

  1. From the Banking menu, select Write Checks
  2. Select Create Check on the left panel.
  3. Fill out the fields:
    • Bank Account: Select a bank account to use to reimburse the personal funds.
    • Date: The date when you issued the check.
    • $: The amount of the check.
    • Memo: A note or message you want to print on the check.
  4. In the Expenses pane, select Partner's equity or Owner's equity.
  5. Select Save.

 

However, I still recommend consulting your accountant to ensure everything is accounted for correctly. If you don't have one, you can visit the ProAdvisor site to run a search.

 

If you have other questions or concerns, please let us know. We're always here to help. Have a wonderful day.

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