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Seans1631
Level 1
posted
‎August 26, 2022 03:51 AM
last updated ‎August 26, 2022 3:51 AM

Using personal money in my business

I am looking for help with recording money I transfer from my personal account into the business. I have just started the business and I transfer money from my personal account into the business to cover running costs until the bussiness can fund itself.  The business does have some income but the money I transfer is used to cover some of the costs of items and subscributions but not always the full amount so I can't post it towards a full purchase.  It can be a mix of the money I transfer, and money the business brings in.

Thanks,

Sean

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Best answer August 26, 2022
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Rasa-LilaM
QuickBooks Team
QuickBooks Team
‎August 26, 2022 05:31 AM

Using personal money in my business

Thank you for joining us here in the Community today, Seans1631.


Let's record the business expenses via journal entry and either enter an expense or write a check to reimburse the money. I'd be happy to assist and guide you through the process.

 

To make a journal entry:

 

  1. In your company, tap the New button and select Journal entry under Other.
  2. This action will bring up the transaction page.
  3. From there, type the correct date in the Journal date field.
  4. Head to the first line and choose the expense account for the purchase from the Account drop-down.
  5. Enter the amount in the Debits column.
  6. Go to the second line and select Partner's equity or Owner's equity from the Account drop-down and input the same purchase amount in the Credits column.
  7. Click Save and close.

 

Next, reimburse the money used by the business. You have the option to enter a cheque or expense. For detailed instructions, go to Step 2 in this guide: Pay for business expenses with personal funds.

 

You can read this article to learn more about how to handle the following situations: Mixing business and personal funds. It covers topics such as reimbursing employees and managing personal expenses in a business account.

 

If you need more help keeping track of your personal and professional transactions, feel free to return to the Community. I'll be happy to assist you and see that this is taken care of. Have a wonderful day.

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4 Comments 4
Rasa-LilaM
QuickBooks Team
QuickBooks Team
‎August 26, 2022 05:31 AM

Using personal money in my business

Thank you for joining us here in the Community today, Seans1631.


Let's record the business expenses via journal entry and either enter an expense or write a check to reimburse the money. I'd be happy to assist and guide you through the process.

 

To make a journal entry:

 

  1. In your company, tap the New button and select Journal entry under Other.
  2. This action will bring up the transaction page.
  3. From there, type the correct date in the Journal date field.
  4. Head to the first line and choose the expense account for the purchase from the Account drop-down.
  5. Enter the amount in the Debits column.
  6. Go to the second line and select Partner's equity or Owner's equity from the Account drop-down and input the same purchase amount in the Credits column.
  7. Click Save and close.

 

Next, reimburse the money used by the business. You have the option to enter a cheque or expense. For detailed instructions, go to Step 2 in this guide: Pay for business expenses with personal funds.

 

You can read this article to learn more about how to handle the following situations: Mixing business and personal funds. It covers topics such as reimbursing employees and managing personal expenses in a business account.

 

If you need more help keeping track of your personal and professional transactions, feel free to return to the Community. I'll be happy to assist you and see that this is taken care of. Have a wonderful day.

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1221
Level 1
a month ago

Using personal money in my business

Hi

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1221
Level 1
a month ago

Using personal money in my business

1221

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Rea_M
Moderator
Moderator
a month ago

Using personal money in my business

Hello there, 1221. I want to assure you that I am here to assist with any inquiries you may have related to QuickBooks Online (QBO). However, I require additional details about your situation to assist you better.

 

On the other hand, if you use personal money to pay for your business expenses, you can record it by creating a journal entry. Then, you'll have to decide how to get reimbursed, either by cheque or an expense transaction. For a complete guide, refer to this article: Pay for business expenses with personal funds.

 

If you're referring to something else, please don't hesitate to let me know in the comments section below.

 

Additionally, you might find this article handy as your reference in managing your business expenses in QBO: Enter expenses in QuickBooks Online.

 

I appreciate any information you can share. I'm also looking forward to working with you again.

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