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Level 1

How to properly record a reimbursement to my personal credit card for the payment of the quarterly sales tax.

I made a payment to the state comptroller for quarterly sales tax payable with my personal credit card (and recorded the transaction through the sales tax payable account in Quickbooks Desktop for Mac).  I need to make a reimbursement to my personal credit card (I have an "Other Current Liablility" account set up for what the company owes me and can use this account if that is best).  I want to know the proper entries to create to record the reimbursement.  Thank you.

Solved
Best answer January 30, 2020

Best Answers
QuickBooks Team

How to properly record a reimbursement to my personal credit card for the payment of the quarterly sales tax.

Hi there, daa1.

 

I can help you record your reimbursement. However, just a disclaimer: I'm unable to recommend an account to use, but I can suggest what transaction to create to show that you've reimbursed yourself.


You can add yourself as a vendor, and create a check for yourself for the reimbursement. On the Check page, select your business account as the source of funds. Then, in the ACCOUNTS field in the table section, choose your equity account (or the account you used when you paid the sales tax). The check (reimbursement) should offset the balance of that account.

 

Please have an accountant check your transactions, and verify if you can use a liability or an equity account instead.

 

Let me know if you need more help or if your accountant has challenging instructions.

View solution in original post

3 Comments
QuickBooks Team

How to properly record a reimbursement to my personal credit card for the payment of the quarterly sales tax.

Hi there, daa1.

 

I can help you record your reimbursement. However, just a disclaimer: I'm unable to recommend an account to use, but I can suggest what transaction to create to show that you've reimbursed yourself.


You can add yourself as a vendor, and create a check for yourself for the reimbursement. On the Check page, select your business account as the source of funds. Then, in the ACCOUNTS field in the table section, choose your equity account (or the account you used when you paid the sales tax). The check (reimbursement) should offset the balance of that account.

 

Please have an accountant check your transactions, and verify if you can use a liability or an equity account instead.

 

Let me know if you need more help or if your accountant has challenging instructions.

View solution in original post

Level 1

How to properly record a reimbursement to my personal credit card for the payment of the quarterly sales tax.

Thanks JessT.  That worked and I'll check with my accountant to verify I've got the correct entries.

QuickBooks Team

How to properly record a reimbursement to my personal credit card for the payment of the quarterly sales tax.

I'm happy to know that our steps worked, daa1! We did it together.

 

Also, thanks for verifying this with your accountant. Keep having good books, and more power to your business!

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