Hi, I created a director's loan account as I paid some suppliers invoice with my own credit card and not the business. But how to select the payment account?

Hi there, @lalapoutine-gmai. I've got all the instructions you'll need on how to track expenses paid by personal funds.

You can create a journal entry and credit the purchase amount to an equity account. This allows you to track all the expenses you made using personal money.

Here's how:

1. Select + New.
2. Select 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. Select Save and close.

When it's time to reimburse the money, check out this article and proceed to Step 2: Pay for business expenses with personal funds.

I'm also adding these links that might be helpful for you in case you pay for personal expenses from a business bank account:

• Mixing business and personal funds
• Pay for personal expenses from a business credit card or bank account

Feel free to comment below if you need more help with recording business expenses. I'm always here to help you.

Hey, thanks a lot for that answer, and happy new year :) Just a quick one, should I also add a supplier invoice as expense?

Thanks.

Fred

Prosperous New Year, @lalapoutine-gmai!

If the supplier invoice is still payable, you can create a bill first. After you get the bill from a supplier, here's how to record it in QuickBooks Online: 

1. Click the + New button.
2. Choose Bill.
3. From the Supplier ▼ dropdown, select a supplier.
4. Choose the bill's terms From the Terms ▼ dropdown, 
5. Input the Bill date, Due date, and Bill no.
6. Enter the bill details in the Category details and then select the expense account you use to track expense transactions. 
7. Indicate the Amount and tax.
8. Lastly, click Save and close.
   
   

If you received the payment on the spot, either record a check or expense. For more info, please refer to this article: Difference between bills, cheques, and expenses in QuickBooks Online.

In addition to that, let me attach this link to help you record, edit, and delete expenses in QuickBooks Online: Enter and manage expenses.

Don't hesitate to comment below if you have further questions about recording supplier invoices in QuickBooks. I'll be happy to assist you.

Hi

Thanks a lot for all the information.

Can you please confirm the steps there are correct if I paid a supplier bill part with my own cash and part with company card?

- I create a bill with the full amount

- In banking, on the transaction I look for a match and add to that bill

- New - Pay Bill - Add payment: I add remaining payment from Cash and cash equivalent

- Jounal entry should be between cash and cash equivalent (debit) and partner's equity (credit) or expense account (in that case lease and rental, debit) and partner's equity (credit)?

Thanks.

Fred

Thanks for getting back to us, lalapoutine-gmai. 

I’m here to help you ensure you’re able to record your bill payments properly.

Yes, your first two steps are correct. Since you're matching from bank feeds, so no need for the third step. With regards to the Journal entry, you can debit the Accounts Payable and credit the Equity account. 

After that, go to Pay Bills to apply for the bill payment. Let me guide you how:

1. Click the + New Icon.
2. Choose Pay Bills.
3. Select the vendor.
4. Once you’ve chosen the vendor, all the open transactions created for him or her will be listed on the right corner of the screen.
5. Choose the transactions you want to include.
6. Enter all the necessary information.
7. Click Save and Close. 

I'll include this article to help you manage your bills: Enter bills and record bill payments in QuickBooks Online.

Keep me posted on how this turns out on your end. I’m always here to help you with recording and applying for bill payments. Have a great day!