We're aiming for your business success, OliviaA5.
Yes, you're correct. You'll need to create a journal entry (JE) to correct these additional expenses. Let me walk you through the process.
- Select + New.
- Select Journal Entry.
- On the first line, select the expense account for the purchase.
- Enter the purchase amount in the Debits column.
- Select Partner's equity or Owner's equity on the second line
- Enter the purchase amount in the Credits column.
- Select Save and Close.
Please consult your accounting professional regarding choosing the correct accounts affected for debit and credit. You can further check this article if you need to reimburse the funds: Pay for business expenses with personal funds.
In cases where you've encountered issues reconciling your past balances, check this article for guidance on its fix: Fix issues for accounts you've reconciled in the past.
Always available 24/7 for any other queries you have about reconciliation. Don't hesitate to post it here. Have a good day ahead.
