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Tomi3
November 27, 2024
Question

How do I record an uploaded receipt as an expense paid by owner's funds

  • November 27, 2024
  • 1 reply
  • 0 views

Hi All,

I am using Quickbooks Online and captured receipts for my expenses.

Some of these purchases/expenses I paid with my own funds. Not my business account.

My questions are..

1) In the Uploaded receipt screen what do I enter in the following fields Bank/Credit account & Account/Category

2) How do I attribute and record this receipt as an expense to Owner's Equity (Owners expense)


Also. Thanks for all contributions in the Community discussions that have helped me solve other issues in the past

1 reply

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IntuitSheila
November 27, 2024

Hi Tomi3,

 

Thanks for posting in the Community!

 

Choose the Bank/Credit account used to pay the expense transaction. And for the account/category use the Partner's or Owner's equity. Then, when you want to record the payment or get reimbursed for the expense, select transactions type as an expense, and then in the category column use the partner or owner's equity account.

 

For comprehensive steps, you can check this link to learn more about: Pay for business expenses with personal funds.

 

Drop by again in the Community if you have other questions on how to record your transactions.

T
Tomi3Author
November 27, 2024

Hi IntuitSheila,

The solution you gave does not work as I expected.

Choose the Bank/Credit account used to pay the expense transaction

I paid for the purchase using my own funds and not the business funds (or Account)

hence my personal fund/bank is not an option in QB.


1. To simplify my initial question I want to record the receipt (or expense) against the Owner's Equity.

2. As far as reimbursement - I am not concerned with a reimbursement. I am happy to increase my equity in the business.


FYI. Until now I have been following the instructions as per Pay for business expenses with personal funds. using the Journal Entry steps.

 

I now want to use the upload receipts feature so I don't end up with faded thermal paper receipts for proof of purchase

T
Tomi3Author
November 29, 2024

I'm guessing no one has an answer!

 

Unfortunately. I have seen this multiple times in the Community where the respondent does not read (or actually understand the question) but rather point to some links that is related somehow and isn't a solution to the original question.

 

Very disappointing!!.

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