QuickBooks Team

Payments

Thank you for posting here in the Community, @KarinaJ.

 

Allow me to share the steps in recording business expenses that is paid using personal funds. 

 

Here's how to record business expense paid with personal funds:

  1. Go to the + New button.
  2. Choose Journal entry.
  3. On the first line, select the expense account for the purchase.
  4. Enter the purchase amount in the Debits column.
  5. On the second line, select Partner's equity or Owner's equity.
  6. Enter the same purchase amount in the Credits column.
  7. Click Save and close.

Then, to pay your Credit Card, you can reimburse the money through check or as an expense.

 

Here's how:

As Check 

  1. Go to the + New button.
  2. Choose Check
  3. Select a bank account to use to reimburse the personal funds.
  4. In the category column, select partner's equity or owner's equity.
  5. Enter the amount to reimburse.
  6. Click Save and close.

As an Expense

  1. Select + New.
  2. Choose Expense or Add expense.
  3. Pick a bank account to use to reimburse the personal funds.
  4. In the category column, select partner's equity or owner's equity.
  5. Enter the amount of the reimbursement.
  6. Click Save and close.

For more details, you may refer to this article link: Pay for business expenses with personal funds.

 

Also, here is the What's new in QBO: learn more about a new embedded bill pay capability in QuickBooks Online such as Options to pay a bill and Options to choose how vendors receive payment. For more details, please visit our QuickBooks Blog

 

Feel free to leave a comment below if you have additional concern with QuickBooks. I'll be around to help you. Stay safe and take care always, KarinaJ.

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