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socexahmed
Level 2

The owner bought equipment for the company using his private bank account

The owner bought equipment for the company using his private bank account at the beginning of 2021. How to record this reimbursement in QB? What chart of accounts to use?
Solved
Best answer May 20, 2022

Best Answers
MorganB
Content Leader

The owner bought equipment for the company using his private bank account

Good morning, socexahmed.

 

Thanks for bringing your question forward here in the Community. I'm happy to walk you through recording a reimbursement in QuickBooks Online.

 

This can be done in just a few steps. Here's how:

 

1. You'll first need to record the business expense that was paid with personal funds.

2. Once you've got that entered, you can then decide between two options to record the reimbursement.

 

I recommend checking out the following article for additional details: Pay for business expenses with personal funds. It's always a good idea to speak with your accountant about these processes as well.

 

Please know I'm only a comment or post away if you have any other questions. Take care!

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1 Comment 1
MorganB
Content Leader

The owner bought equipment for the company using his private bank account

Good morning, socexahmed.

 

Thanks for bringing your question forward here in the Community. I'm happy to walk you through recording a reimbursement in QuickBooks Online.

 

This can be done in just a few steps. Here's how:

 

1. You'll first need to record the business expense that was paid with personal funds.

2. Once you've got that entered, you can then decide between two options to record the reimbursement.

 

I recommend checking out the following article for additional details: Pay for business expenses with personal funds. It's always a good idea to speak with your accountant about these processes as well.

 

Please know I'm only a comment or post away if you have any other questions. Take care!

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