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Denz
Level 1
posted
‎January 11, 2022 08:21 PM
last updated ‎January 11, 2022 8:46 PM

How do I create an Entry for an Expense that was made from an Expense Claims?

Hi Experienced and Knowledgeable Users!

 

My situation is as below:

 

For January, my director had to pay our office rental through his own personal bank account due to circumstances.

 

On my side, I have made an entry under Expense Claims that the company paid back the rental to the director.

However, I am not sure how to create another Expense entry to match with the Expense Claims.

Please do let me know if I am unclear.

Thank You!

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Best answer January 11, 2022
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AileneA
Moderator
Moderator
‎January 11, 2022 08:57 PM

How do I create an Entry for an Expense that was made from an Expense Claims?

Hello, Denz. 

 

 Thank you for reaching out to the Community. You can use the Journal entry feature to record the business expense you paid for with personal funds. For the detailed steps, here's how: 

 

  1. Click + 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. Hit Save and close. 

  

Please check this article: Pay for business expenses with personal funds. The scenario and detailed steps will help you understand the process.

 

I suggest to check with an accountant for the accounts to use and proper guidance.  

 

Feel free to hit that Reply button if you have additional questions. Have a great day ahead. Stay safe!

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2 Comments 2
AileneA
Moderator
Moderator
‎January 11, 2022 08:57 PM

How do I create an Entry for an Expense that was made from an Expense Claims?

Hello, Denz. 

 

 Thank you for reaching out to the Community. You can use the Journal entry feature to record the business expense you paid for with personal funds. For the detailed steps, here's how: 

 

  1. Click + 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. Hit Save and close. 

  

Please check this article: Pay for business expenses with personal funds. The scenario and detailed steps will help you understand the process.

 

I suggest to check with an accountant for the accounts to use and proper guidance.  

 

Feel free to hit that Reply button if you have additional questions. Have a great day ahead. Stay safe!

Reply
Denz
Level 1
‎January 11, 2022 09:07 PM

How do I create an Entry for an Expense that was made from an Expense Claims?

Thank you!

For anyone else reading to match the expense:

Step 2: Decide how you want to reimburse the money


For the reimbursement , you have two options.

 

Option 1: Record the reimbursement as a cheque
Select + New.
Select Cheque. 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.
Select Save and close or Save and new.


Option 2: Record the reimbursement as an expense
Select + New.
Select Expense
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 of the reimbursement.
Select Save and close..

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