What is the best way to enter personal credit card and debit card purchases into quickbooks as a single owner LLC

Sorry, I menat a deposit into MY BUSINESS BANK ACCOUNT

I'm sorry, but this comes nowhere close to answering my question as far as I understand. Why am I debiting the owners expense account and crediting it at the same time with the same ammount. This makes no since to me.

Ok, I see... I didn't see the video at first... it explains it all. Thank you.

Good day, @Bant Bitterwood.

The steps provided by my colleague above are specifically for recording a business expense you paid for with personal funds.

Since part of its process is creating a journal entry, you have to select the expense account for the purchase on the first line. Then, enter the purchase amount in the Debits column. 

On the other hand, you have to select Partner's equity or Owner's equity for the second line. Next, enter the same purchase amount in the Credits column.

Doing these steps will transfer the money from an asset, liability, or equity account to an income or expense account.

To better understand the types of accounts you use, you must reach out to your accountant. They are the ones who can explain further whether an account is increased with a debit or credit.

To know more about this process, check out this article: The difference between debit and credit.

Should you have any follow-up questions or concerns, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.

Does this need to be recorded as a journal entry, or can it be input as an expense immediately (using an owner's investment clearing account as a catch-all for a personal card or account)?  If so, how do I get this to show that it was an owner's contribution (does not need to be paid back)?  Do I still want to credit that investment clearing account with the owner's equity account to show that it is in essence an expense for the business?  

Nice to have you joined this thread, SQM. I understand how important it is to accurately record the business expenses made with personal funds in QuickBooks Online. I'm here to help you with that.

When recording the transactions in the program, you can either enter it as a journal entry or as an expense using the owner's investment clearing account.

If you'd like to add the transaction as a journal entry, I'd suggest following these steps:

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

In case you want to enter it as an expense in the program, I'll show you how:

1. From the + New menu, select Expense.
2. Select the vendor's name.
3. On the Category details section, choose the correct category.
4. Enter the amount spent.
5. On the second line, select the Owner's equity or the Owner's investment.
6. Type in the amount the same on the first line but with a minus (-) symbol.
7. Once done, click on Save and Close.

For more details, please see this article: Pay for Business Expenses with Personal Funds.

Since the amount doesn't need to be paid back, then you don't have to create a reimbursement transaction.

As for crediting the investment clearing account, I'd recommend consulting an accountant to help you handle this. This ensures your record is accurate. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.

Additionally, I've included an article that'll help you create a reliable accounting system. This way, you're able to produce accurate financial statements: Debit vs Credit.

I'm only a post away if you need more help in completing your other tasks in QuickBooks, SQM.  It's always my pleasure to help you out again.

Thank you for the very helpful explanation and video! Regarding the expense method, is this similar to just creating a separate transfer showing money transferring from the owner’s investment account to the clearing account (after an expense has been recorded) to show owner contribution or is there a reason this way is better to include it as the second line of the expense with a negative value?  I was taught to do it as a transfer but this way seems easier since it is one step. 

Thanks for getting back here, @SQM. I'm here to clarify a few things for you about recording your business expenses differently in QuickBooks Online (QBO).

In QBO, you can use any steps to record an expense since it will depend on how you and your accountant handle the data.

I'd suggest consulting your accountant, as they can recommend which option is best for you to set up your company. If you don't have one, you can refer to the link my peer, CharleneMae_F, has provided above.

Moreover, consider checking out this article to learn more about how to record, edit, and delete expenses in QBO: Enter and manage expenses in QuickBooks Online.

Please don't hesitate if you have other questions or concerns about business expenses in QBO. I'll be glad to assist you again. Take care and more power to your business!