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I want to know that if an owner make purchases from his personal funds and withdraw the funds from company account how do I make treatment of this kind of transaction in Quick books.
Example: Owner purchases some items in month of Dec. and withdraw the funds from bank in same month than what is the treatment for this?
Hello, Tahir M Ilyas.
Let me help you record the purchases using personal funds in QBO.
We'll have to create an expense transaction to document the details of the purchases. Let's ensure to pick the correct account.
After that, reimburse the company by following the steps below:
I've added this article for more information: Mixing business and personal funds. This article contains guidance on how to record such transactions using business and personal finances.
You can always update us after performing the steps as I want to ensure this is resolved for you. Have a great day!
Hello, AileneA
Should I consider the purchases from Owner's personal fund as capital investment to business and show in owner equity in balance sheet.
what if he withdraws the same amount funds from business is considered as drawings?
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