Company expenses paid for personally

Ivalight · ‎08-26-2017

Good evening all!

I've purchased 2 pieces of equipment and two web domains with a years pre paid website subscription. Total amounts to just under £400 so we're not talking big transactions here. I paid for these using my personal account due to my business account not being set up yet. I'm now up and running and would like to know how best to claim these expenses back.

https://community.intuit.com/articles/1145751-paying-for-business-expenses-with-personal-funds This page shows how theoretically to justify it, but I just wanted to know if there are any real world examples from you guys. Will I just log it as suggested in the link, and simply make the transfer or will I hit any problems there?

Thank you!

Daniel

Rustler · ‎08-27-2017

The procedure in the link works

except fot the last one, titled Using Expense - you can not select the owner or partner name on an expense - leave it blank in QB and hand write it on the actual check if you use checking as he payment method

Ivalight · ‎08-27-2017

Hi Rustler,

Thank you so much for clearing that up! What about bank transfer or PayPal? Would a payment reference/PayPal receipt and a screenshot for the books work or is there a simpler way of doing it. I'm not set up for cheques and highly doubt I'll ever use them in my business.

Thanks again.

Daniel - Ivalight

Rustler · ‎08-29-2017

write checks is nothing more than a data entry screen, you do not have to use an actual check or print it.

All bank type account, paypal included, use write checks, you can over write the check number with EFT (electronic funds transfer) or debit card (DC) or .... to show how the payment was made

QB does not take your scanned receipt and make accounting entries, attaching the scanned receipt is only for audit support of the transaction

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Company expenses paid for personally