cancel
Showing results for 
Search instead for 
Did you mean: 
thabital-moses
Level 1

Started a franchisee last year, the franchisor reimbursed for some expenses initially when setting up the business, how to record this in quickbooks desktop pro 2019?

 
1 Comment 1
Rasa-LilaM
QuickBooks Team

Started a franchisee last year, the franchisor reimbursed for some expenses initially when setting up the business, how to record this in quickbooks desktop pro 2019?

Hi there, thabital-moses.

 

Recording the reimbursed expenses is quick and simple. I have a few easy steps to enter the transactions.

 

First, make a journal entry and use the Partner's equity or Owner's equity account to track the business expense. If you haven't created the account, let’s go to the Chart of Accounts to make one.

 

  1. Tap the Lists menu to select Chart of Accounts.
  2. Click the Account menu located at the bottom of the page and then click the drop-down to choose New.
  3. From the list, mark the radio button for Equity and hit Continue to enter the category’s name in the Account name field.
    fr1.png
  4. Click Save and Close.

Now, you can start entering the journal entry. Here's how:

 

  1. Tap the Accountant menu at the top to choose Make General Journal Entries.
  2. On the first line, select the expense account for the purchase.
  3. Enter the amount in the Debits column.
  4. Go to the second line and pick Partner's equity or Owner's equity.
  5. Input the same purchase amount in the Credits column.
  6. Press Save and close.

I'm adding a screenshot of how the transaction looks like after following these steps above.

fr.png

Now that we’re already done recording the entry, let's go ahead and write a check to reimburse the money.

 

  1. Choose the Banking tab and select Write Checks.
  2. This will take you to the Check screen.
  3. From there, go to the Expense tab to choose partner's equity or owner's equity.
  4. Then, input the amount to reimburse.
  5. Hit Save & Close.

For future reference, I'm adding some steps on how you can view our self-help articles. 

 

  1. Press the Help menu to open the Have a Question window.
  2. In the field box, type in a keyword. For example, reimbursement.
  3. This will display a list of our self-help articles.
    f.png
  4. Click on the link to view the full details about the article.

If you have any clarifications or questions about QuickBooks, let me know in the comment box. I’ll get back to answer them for you. Enjoy the rest of the day.

Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us