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werner-ecoblu-co
May 8, 2024
Solved

Expenses

  • May 8, 2024
  • 1 reply
  • 0 views

Hi,

 

The payment amount for an expense was made from the business account to the employee to make the purchase. The receipt shows the employee's bank account; how do I allocate this expense?

 

Thank you

Antoinette

Best answer by CharleneMaeF

I appreciate you getting back in this thread and sharing additional details about your concern, Werner.

 

I'm here to help you record the transferred money from the owner to their employee to make a purchase.

 

In QuickBooks Online, we have two options to record the expense. We can either pay the employee now or record the transaction first and pay them later. I'll be sharing the instructions below.

 

You can follow these steps to pay the employee now:

 

  1. Go to + New and then select Cheque or Expense.
  2. Select the Payee drop-down menu and find the employee name.
  3. On the Category drop-down menu, then select a liability account. If you don't have one yet, add a new account.
  4. Enter the other information to complete the transaction.
  5. Hit Save and close.

 

If you want to record the expense for future payments, I suggest performing these steps:

 

  1. From + New, select Journal entry.
  2. On the first line:
    1. On the Account section, choose your liability account.
    2. Under Credits, enter the amount you owe your employee.
    3. Select the Name drop-down list and find the employee name.
  3. On the second line:
    1. Under Account, select the expense account that fits the purchase made.
    2. Under Debits, enter the amount of purchase.
  4. Click Save and close.

 

Once done, you can pay them using a cheque or expense.

 

You can also run the Transaction Detail report to know how much you still owe to your employees. I recommend browsing the bottom part of this article to learn more about the process: Reimburse an employee in QuickBooks Online.

 

Meanwhile, regarding the receipts, is this for the transfer or the purchase? Can you please send a screenshot so we can determine why the employee's bank account is showing?

 

Additionally, I've added these resources to help you how to properly handle if you run into a situation where business and personal finances mix: 

 

 

Keep me posted anytime if you require further assistance with QuickBooks Online. It's my priority to ensure that you achieve your desired outcomes with bookkeeping. Stay safe! 

1 reply

A
Anonymous
May 8, 2024

Hi there, Antoinette.

 

I would be happy to assist you with your issue, but I need some more information from you first. You mentioned that the receipt shows on your employee's bank account. Can you please provide me with more details about how you recorded the receipt or the payment you made? This will help me provide you with the most appropriate solution.

 

Any additional information you can provide, such as a screenshot or further details, would be greatly appreciated.

 

I'm looking forward to your reply. Thank you, and have a great day!

W
werner-ecoblu-coAuthor
May 8, 2024

Hallo Eman,

 

Thank you so much for your response.

 

I am new to QB, so please bear with me. So, the owner transferred money to an employee from the business account to make a purchase. I now have the receipt for the purchase, but the bank account number showing on the receipt is for employees and not the business accounts.

 

How do I record this on QB, please?

 

Regards,

Antoinette

C
CharleneMaeFAnswer
May 8, 2024

I appreciate you getting back in this thread and sharing additional details about your concern, Werner.

 

I'm here to help you record the transferred money from the owner to their employee to make a purchase.

 

In QuickBooks Online, we have two options to record the expense. We can either pay the employee now or record the transaction first and pay them later. I'll be sharing the instructions below.

 

You can follow these steps to pay the employee now:

 

  1. Go to + New and then select Cheque or Expense.
  2. Select the Payee drop-down menu and find the employee name.
  3. On the Category drop-down menu, then select a liability account. If you don't have one yet, add a new account.
  4. Enter the other information to complete the transaction.
  5. Hit Save and close.

 

If you want to record the expense for future payments, I suggest performing these steps:

 

  1. From + New, select Journal entry.
  2. On the first line:
    1. On the Account section, choose your liability account.
    2. Under Credits, enter the amount you owe your employee.
    3. Select the Name drop-down list and find the employee name.
  3. On the second line:
    1. Under Account, select the expense account that fits the purchase made.
    2. Under Debits, enter the amount of purchase.
  4. Click Save and close.

 

Once done, you can pay them using a cheque or expense.

 

You can also run the Transaction Detail report to know how much you still owe to your employees. I recommend browsing the bottom part of this article to learn more about the process: Reimburse an employee in QuickBooks Online.

 

Meanwhile, regarding the receipts, is this for the transfer or the purchase? Can you please send a screenshot so we can determine why the employee's bank account is showing?

 

Additionally, I've added these resources to help you how to properly handle if you run into a situation where business and personal finances mix: 

 

 

Keep me posted anytime if you require further assistance with QuickBooks Online. It's my priority to ensure that you achieve your desired outcomes with bookkeeping. Stay safe! 

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