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Maged Mohey
Maged Mohey
May 23, 2022
Question

spending money from my personal bank account to set up the business

  • May 23, 2022
  • 1 reply
  • 0 views

I started my new company and in order to set up everything I have to spend from my personal bank account until I open company business account. there are some expenses I paid in cash without records for some freelancers to do a job and some other expenses have receipts for the company formation, purchases...etc.

How can I reflect this in QuickBooks for both cases? noting that still I don't have a business account.

1 reply

C
CharleneMaeF
May 23, 2022

I'll help you record the business expenses you paid with personal funds in QuickBooks Online, 9130 3532 0398 4136.

 

Mixing business and personal funds in the program isn't recommended. Since this is unavoidable, I've added the steps below to handle this.

 

  1. Go to + New and then select Journal Entry.
  2. On the first line, select the expense account for the purchase.
  3. Enter the purchase amount in the Debits column.
  4. On the second line, select Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Once done, click on Save and close.

 

If you want to want to reimburse the money, we have two options to do this. To learn how, please see this article: Pay for Business Expenses with Personal Funds.

 

Additionally, I've added an article that'll help you set up your business information in QuickBooks Online and keep your books running smoothly: Help Me Get started.

 

Please don't hesitate to ask if you have other questions or concerns in tracking your transitions. We're always here to help you out. Thanks.

Maged Mohey
Maged MoheyAuthor
May 24, 2022

Thanks CharleneMae

    K
    Kurt_M
    May 24, 2022

    Good Day, @Maged Mohey.

     

    I'm glad that the steps provided by my colleague @CharleneMaeF worked out and was able to help you with your business here in QuickBooks Online (QBO).

     

    You're always welcome to post here in the Community again if you have any additional QuickBooks related-concerns. Rest assured, we are always ready to help you get those concerns sorted out as quickly as possible. Thank you for using QuickBooks Online, and more power to your business!

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