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AlanRoberts
Level 1

Personal credit card

HI

How do I add one transaction from a personal credit card, not associated with quickbooks online, so bit like a personal loan to the company, the amount was for 2.5k, so need to claim the VAT back

regards

1 REPLY 1
RaymondJayO
Moderator

Personal credit card

Hello there, @AlanRoberts

 

Let's first create a personal credit card account in the program so you'll be able to record the transaction made from it. 

 

Here's how: 

 

  1. Go to Gear icon at the upper right. 
  2. Select Chart of Accounts
  3. Click New
  4. Under Account and Detail Type, choose Credit Card.
  5. Type in the appropriate account name.
  6. Enter the appropriate information for the opening balance and the date as of.
  7. Click Save and Close.

 

Then, you'll need to record the business expense worth 2.5k by creating a journal entry. Here's how: 

 

  1. Go to the Plus icon (+) on the Toolbar.
  2. Under Other, select Journal Entry.
  3. Specify the appropriate Expense Account for the purchase on the first line. 
  4. In the Debit column. enter the amount of the purchase.
  5. Select the customer to associate with the expense. 
  6. In the Account column on the second line, enter the Owner's equity or Partner's equity.
  7. In the Credit column, enter the amount of the purchase.
  8. Add Reimbursable to help you identify the transaction later In the Memo field. 
  9. Click Save and close.
     

After that, you can either reimburse the amount to the owner as a cheque or an expense. To help claim the VAT back, make sure to select the appropriate VAT code on the transaction. Please see the screenshot below for your reference. 

 

 

 

For detailed steps on how to record the reimbursement, you can go through this helpful article: How To Pay For Business Expenses With Personal Funds


This will help you get back on track, @AlanRoberts

 

If you need further assistance, I'm always here to help. Have a good one.

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