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M
missymarykay55
November 4, 2021
Question

Reconciling a credit card

  • November 4, 2021
  • 1 reply
  • 0 views

My boss paid on the company credit card an amount out of his own pocket.  The money did not come out of the company so now I don't know how to reconcile the cc statement because there is a payment on the card that was not run through the company.  How do I reconcile this cc now?

1 reply

J
JonpriL
November 4, 2021

I've come to offer help, @missymarykay55. I wanted to ensure you're able to reconcile your credit card account accordingly.

 

In QuickBooks Desktop, you can record business expenses made paid with personal funds. Saying your boss paid the company's credit card from his pocket, we'll have to create a journal entry and an expense respectively. I'll show you how.

 

Creating a journal entry will show up as the business expense paid with personal funds. Let me show you how.

 

  1. Go to Accountant.
  2. Select Make General Journal Entries.
  3. Under ACCOUNT, select the company credit card account in question.
  4. Enter the amount of expense under the DEBIT column.
  5. On the Account column, select your Partner's equity or Owner's equity account.
  6. Below the CREDIT column, enter the amount of expense.
  7. Click Save & Close.

 

Once done, go ahead and create and write a check to reimburse your boss's pocket or personal account. Here's how:

 

  1. Go to Banking.
  2. Select Write Checks.
  3. Choose a company's bank account.
  4. Under Expenses, select your Partner's equity or Owner's equity account.
  5. Enter the amount of expense.
  6. Click Save & Close.

 

Now you can proceed with your credit card account reconciliation. Use this article for the steps so you can begin: Reconcile an Account in QuickBooks Desktop.

 

You may also read this reference that'll guide you anytime you need help while doing or fixing a reconciliation: The Reconcile Workflow in QuickBooks.

 

If you've got questions other than how to reconcile your credit card account, please let me know in the comments. Use the Reply button below so that I can continue assisting you. 

M
missymarykay55Author
November 8, 2021

What if you don't write a check right away to reimburse the boss.  Can I still do the first step and then reconcile the credit card statement?  I won't be writing a check to reimburse him right away.

S
SarahannC
November 8, 2021

Hello there, @missymarykay55. We're glad to have you back.

 

Yes, you can follow the suggestion above by creating a journal entry to record the business expense. Then, proceed with the process of reconciliation without creating a check.

 

Also, you can consult your accountant to make sure the recording is accurate. You can ask your accountant if you need more assistance in determining the correct posting accounts.

 

Still, you can use these articles for additional information and complete steps:

 

 

Visit again if you have other concerns with QuickBooks. I'll be around to help you. Stay safe and take care, missymarykay55.

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