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Peterino123
September 27, 2021
Question

Account for Personal item on receipt

  • September 27, 2021
  • 1 reply
  • 0 views

I have a Visa receipt for a purchase that includes a personal item.   QB help says to include the entire amount and then make a deposit of the personal portion into the business account.   Personal bank to business bank.   

This seems fair enough, but is there a way to account for this without making the deposit and still reconcile?  

Is there not a way to mark something as personal expense?  

1 reply

T
Trish_T
September 28, 2021

Hi Peterino123,

 

Using QuickBooks Online is a great way to stay organized with your Business and Personal Accounting needs.  I'd be happy to help!

 

It's best to record the full amount as indicated on the receipt so you can reconcile without complication.  For the Personal item, I'd suggest creating a Journal Entry so you can select the appropriate account to ensure the funds are recorded accurately. To create a Journal entry, click on New and then Journal Entry.

 

If you have any questions regarding the information required to complete the Journal Entry, I suggest reaching out to an Accountant.  If you don't have an Accountant you can find one here.

 

If you have any additional questions or concerns, please feel free to reach out.  We'd be happy to assist!

P
Peterino123Author
September 28, 2021

Thanks for the info.   In my case there are two items on the receipt; one being personal and the other business. 

The journal entry would then be a debit related to the expense.

Sales tax portion represents the amount of tax charged on the personal item.

There is no connecting the journal entry with the expense though.  This is just a record to refer to later on. 

Is this right?

Peter

N
Nick K
September 29, 2021

Hi Peterino123.

 

At this point I'd recommend reaching out to your accountant on how to make this entry as they would be trained in how to track and enter these transactions. If you don't have an accountant you can follow the link my colleague posted earlier.

 

If you have any questions let us know and we'd be happy to help. 

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