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KatDesigns
Level 1

Personal purchase

How do I record a sale to myself? ie I purchased products through my business for my personal home (tax free) so I need to record and pay sales tax on these purchases and then I'd like to pay my business account back from my personal account. 

1 Comment 1
RCV
QuickBooks Team
QuickBooks Team

Personal purchase

Let me help you record a personal expense in your business account in QuickBooks Online (QBO), KatDesigns.

 

When using a business account to pay for a personal expense, just record it in QuickBooks. Then, you can reimburse the company. Let's record a personal expense from a business account: 

  1. Click + New Plus icon. 
  2. Select Check or Expense.
  3. Choose a Payee from the drop-down menu.
  4. Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.
  5. In the Category details section, select the drop-down menu to select the tax category that fits your need.
  6. Enter the Amount of the purchase.
  7. Press Save and close.

 

Then, reimburse the company by following the steps below: 

  1. Click + New Plus icon. 
  2. Select Bank Deposit.
  3. Choose the Account to add the reimbursement to, and select the Date.
  4. Go to the Add funds to this deposit section. In the Received From field, enter the person who made the personal expense, then select the account. Tip: Add the person as a customer if they aren't in your books already. Even if they're not a customer, this is the best option.
  5. Tap the Payment Method and enter the reimbursement amount.
  6. Press Save and close.

 

To learn more about this one, see the Mixing business and personal funds article. Feel free to visit our Banking page for more insights about managing your bank feed and reconciling your accounts.

 

You can always update us after performing the steps as I want to ensure this is resolved for you. Just leave a comment below and I'll get back to you. Have a great weekend.