- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Other questions
Let me guide you on how you can deal with this, Greenlad.
We know this happens sometimes but we don't recommend mixing your personal and business funds since this will cause issues with your books. You can record the business expenses you paid for with personal funds. To do so, follow the steps outlined below:
- Click + New.
- Select Journal Entry.
- On the first line, select the expense account for the purchase.
- Enter the purchase amount in the Debits column.
- On the second line, select Partner's equity or Owner's equity.
- Enter the same purchase amount in the Credits column.
- Click Save and close.
Then, record the reimbursement through check or as an expense. Here's how:
To use check:
- Click + New.
- Select Check. Or if you're in Business view, follow the steps to switch to Accountant view first. Then come back to these steps.
- Select a bank account to use to reimburse the personal funds.
- In the Category column, select Partner's equity or Owner's equity.
- Enter the amount to reimburse.
- Click Save and close or Save and new.
To record as an expense:
- Click + New.
- Select Expense.
- Select a bank account to use to reimburse for personal funds.
- In the Category column, select Partner's equity or Owner's equity.
- Enter the amount of the reimbursement.
- Select Save and close.
You can check out this article for more details: Mixing Business and Personal Funds in QuickBooks Online. However, I still suggest reaching an accountant if your issue is complex and requires specialized knowledge in accounting. They can also guide you on what accounts you use for te accuracy of your record.
In addition, after you correctly record all your transactions from different LLCs, you can run a report so you'll be able to view your financial standing and keep track of each of your transactions. I've added this article for reference: Run Reports in QuickBooks Online.
You can always get back to us if you have any other questions about mixed expenses and personal funds. We're here to help you all the time. Have a nice day ahead!