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January 25, 2022
Question

Hi, I haven't got a business account yet. I have been using my personal account and my PayPal. How can I use Quickbooks in this case to pay the taxes? Many thanks

  • January 25, 2022
  • 1 reply
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I have been a self employed and an employee at the same time so far.

1 reply

Angelyn_T
January 25, 2022

Thank you for choosing QuickBooks Online (QBO) as part of your business, @serpriest-yahoo-. I can guide you on how to work with QuickBooks in paying your taxes while using your personal and PayPal account.

 

At this time, you can use your personal account in paying your taxes and other business expenses temporarily. You can track the transactions using journal entries.

 

Here's how:

 

  1. Sign in to your QBO account.
  2. Go to the +New icon, then click on 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. Tap on Save and close.

 

When you have the business account ready and decide to record the reimbursement, you can record a Cheque or an Expense transaction. I'm adding this article for more information: Pay for business expenses with personal funds.

 

Before that, I would recommend consulting with your accountant for other options and tips in tracking your entries in QBO accordingly.

 

On the other hand, you can review the resources from these links for more tips while handling your taxes in QuickBooks:

 

 

If you have any other questions about QuickBooks or your accounts, let me know by adding a comment below. I'm always here to help. Have a good one!

January 26, 2022

Hi, thank you for your message! I am trying to do that now, is just that I cannot see the option "Owner's equity". Do I need to add it manually? 

 

Please see attached screenshot.

 

Many thanks,

 

Sergian

January 26, 2022

Hello Sergian, thanks for coming back to us if you dont have a Owner's equity then yes you would need to manually add it into your account.