Manage Suppliers and Expenses for
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How best should I post my Transactions if I settle a creditor with my inventory
Hello, Due to the current pandemic, I have had to quarantine due to an exposure. During this time, I had a friend purchase supplies and materials for my business from Home Depot, so I could continue working while home. I was given the receipt from the purchase and I already reimbursed my friend for the purchase of items. Quickbooks is linked to my bank account, so I currently have a check that is pending review (the reimbursement check). My question is this, how do I properly log the expense at Home Depot and the reimbursement check I paid my friend. Is this two separate entries that I link to each other? Do I just need one entry? Do I need to create another account under my chart of accounts and have my friend listed as a line of credit that I repaid? I want to make sure I log this properly so there is no question as to what was done. Thank you in advance!
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