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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:
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:
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:
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:
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!
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