I have made purchases with personal funds for the company and all articles i find seem like workarounds rather than correct methods. They all also happen to be different methods which is worrisome. I need to do the following.
1. record the purchase( expense )
2. increase short term loan account under my name
3. reimburse myself from the company bank account ( decrease bank and decrease current liability)
what is the correct way to record this within quickbooks.
the company is a pty ltd .
I have a video that may help with perspective on your question. It doesn't matter how it was paid, is the title, found on my Youtube channel
Best way is to record a credit card type account entry, using the name of the vendor you paid, to record a liability to yourself, and then, when you reimburse yourself, record the payment to that credit card type account. When you reconcile your accounts, remember that credit cards are usually personal, and they should be added to your Due to proprietor/partner/shareholder accounts to determine your total debit/credit balance to ensure you aren't in a debit position if you're incorporated, and required to pay yourself a salary to get rid of the debit balance. If you're self employed, it's not an issue.
"They all also happen to be different methods which is worrisome"
That's because the users here are from various Countries, and our accounting rules and regulations also Vary.
For example, in the US, a Sole Proprietorship never "owes" the owner. There is not owing to/from yourself, for this tax entity type in the US. Business purchases made by owner using personal cash, check, credit cards, or even chickens, is just part of Owner Equity In. The owner has the right to take funds Out, at any time. There is no Debt liability here.
"the company is a Pty Ltd rather than a sole prop."
That's fine, but we don't know your specific account requirements. You need to read Support articles that apply to you; I was answering why you see Various methods. They don't all apply to you.
"I need the correct/most practical method for a pty Company specifically. which is why I asked about the usage of a short term loan ( current liability) made out to the owner."
What I recommend is asking your own Accountant what applies to you; once you know what it is Called, if you do not know how to make that work in QB, we can help with that part.