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R
rhino258
June 5, 2020
Question

PO Inventory items paid by personal credit card and transfer to pay credit card from business account

  • June 5, 2020
  • 1 reply
  • 0 views

Hi,

 

I am new to QBO, and recently we have made an inventory purchase for items on a purchase order, on a personal credit card. We then immediately transferred funds from business bank account to personal cardholder account in the exact amount of the PO and charge.  Can you please help on how I should record this properly? 

 

Thanks

Ryan

1 reply

PatriciaT
PatriciaT
June 6, 2020

Hi Ryan,

 

Welcome to the QuickBooks Online community family! Having your books accurate and precise is essential for the running of your business. I'll be happy to assist you with this. 

 

There're a couple of ways to reflect money movements between two accounts in QuickBooks Online. Depending on how you'd prefer to handle your books, you could either do a Transfer or Journal entry for example. To learn more on how to do a transfer in QBO, check out this article: Transfer funds between accounts

 

For journal entries, I recommend following the steps in the article Create a journal entry in QuickBooks Online

 

To record a funds transfer using any of these methods, it's important to have both accounts involved in the transfer set up in your chart of accounts. If you haven't already, here's a useful article to assist you with that: Add an account to your chart of accounts in QuickBooks Online

 

If you hesitate on which method to choose for your transaction, I recommend talking to your accountant. In case you don't have an accountant, you can find one on the Find-a-ProAdvisor website

 

I hope this helps! Let me know if you need anything else. 

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