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Level 1

Used Personal Credit Card rather than the Bus c.c., how to fix?

As I am entering all the expenses for 2019, I am posting all the expenses against the business credit card, but I realized some expenses were charged against a personal credit card. Can I have an account named something else like "Personal Credit Card Acct' and post them against it? or should I just make journal entries for each one of them? 

 

Thanks in advance for any help!

Solved
Best answer April 20, 2020

Best Answers
QuickBooks Team

Used Personal Credit Card rather than the Bus c.c., how to fix?

Hi there, @crisstax.

 

Thanks for contacting the Community.

 

I can help you record a business expense paid by a personal credit card.

 

First, you'll need to record a business expense that was paid for by personal funds:

  1. Select + New.
  2. Select Journal entry
  3. On the first line, select the expense account for the purchase.
  4. Enter the purchase amount in the Debits column.
  5. On the second line, select Partner's equity or Owner's equity.
  6. Enter the same purchase amount in the Credits column.
  7. Select Save and close.

 

Once done, you have two options on how you want to reimburse the money.

 

First, record the reimbursement as a check. 

  1. Go to the + New icon, then select Check.
  2. Select a bank account to use to reimburse the personal funds.
  3. In the category column, select Partner's equity or Owner's equity.
  4. Enter the amount to reimburse.
  5. Select Save and close or Save and new.

Second, record it as an expense.

  1. Select + New.
  2. Select Expense or Add expense.
  3. Select a bank account to use to reimburse the personal funds.
  4. In the category column, select Partner's equity or Owner's equity.
  5. Enter the amount of the reimbursement.
  6. Select Save and close.

 

For future reference, you can check out this article to learn how to track personal money or investments to your business.

 

Should you have follow-up questions, don't hesitate to leave a comment below. I'm always glad to help you out.

View solution in original post

4 Comments
Level 4

Used Personal Credit Card rather than the Bus c.c., how to fix?

Did you pay the bill for the personal card from the business bank account or a personal bank account?

QuickBooks Team

Used Personal Credit Card rather than the Bus c.c., how to fix?

Hi there, @crisstax.

 

Thanks for contacting the Community.

 

I can help you record a business expense paid by a personal credit card.

 

First, you'll need to record a business expense that was paid for by personal funds:

  1. Select + New.
  2. Select Journal entry
  3. On the first line, select the expense account for the purchase.
  4. Enter the purchase amount in the Debits column.
  5. On the second line, select Partner's equity or Owner's equity.
  6. Enter the same purchase amount in the Credits column.
  7. Select Save and close.

 

Once done, you have two options on how you want to reimburse the money.

 

First, record the reimbursement as a check. 

  1. Go to the + New icon, then select Check.
  2. Select a bank account to use to reimburse the personal funds.
  3. In the category column, select Partner's equity or Owner's equity.
  4. Enter the amount to reimburse.
  5. Select Save and close or Save and new.

Second, record it as an expense.

  1. Select + New.
  2. Select Expense or Add expense.
  3. Select a bank account to use to reimburse the personal funds.
  4. In the category column, select Partner's equity or Owner's equity.
  5. Enter the amount of the reimbursement.
  6. Select Save and close.

 

For future reference, you can check out this article to learn how to track personal money or investments to your business.

 

Should you have follow-up questions, don't hesitate to leave a comment below. I'm always glad to help you out.

View solution in original post

Level 1

Used Personal Credit Card rather than the Bus c.c., how to fix?

from the personal bank account. 

 

thanks, 

COD

Level 1

Used Personal Credit Card rather than the Bus c.c., how to fix?

Thank you!

 

This was never paid out of the account, however, I think I could probably do the reimbursements using an owner's withdrawal amount? 

 

 

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