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OptimumAnalytics
May 25, 2022
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How to Reimburse Business Formation Charges to Personal Account

  • May 25, 2022
  • 1 reply
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I have recently formed an single-member LLC. During the formation process, I had to use my personal credit card to pay for business licenses, etc. I now have a business bank account and will be using that going forward. I have entered the transactions and categorized them as appropriate - here is a snippet.



 

 

 

How can I reimburse my personal account from the business account without having an issue of double-booking the expense? Or, is there a way I could classify the total amount as owner's equity or something along those lines?

Best answer by Jen_D

Thanks for reaching out to the QuickBooks Community regarding this reimbursement question, @OptimumAnalytics.

 

I want to make sure you're able to record your transactions properly in the system.

 

QuickBooks Self-Employed doesn't have a Chart of Account (COA) unlike our other QuickBooks services. This means that Owner's Equity account is something not available in the system. If you want to record a reimbursement for your personal card, the Personal withdrawal category is your closest option. This way, QuickBooks will exclude the entry when calculating your business expenses.

 

I'll be sharing some links to help your way in QuickBooks Self-Employed:

 

 

Visit us anytime if you have other concerns with the program, besides this self-employed transaction recording. I'll be available to help. Have a nice day.

 

1 reply

Jen_D
Jen_DAnswer
May 25, 2022

Thanks for reaching out to the QuickBooks Community regarding this reimbursement question, @OptimumAnalytics.

 

I want to make sure you're able to record your transactions properly in the system.

 

QuickBooks Self-Employed doesn't have a Chart of Account (COA) unlike our other QuickBooks services. This means that Owner's Equity account is something not available in the system. If you want to record a reimbursement for your personal card, the Personal withdrawal category is your closest option. This way, QuickBooks will exclude the entry when calculating your business expenses.

 

I'll be sharing some links to help your way in QuickBooks Self-Employed:

 

 

Visit us anytime if you have other concerns with the program, besides this self-employed transaction recording. I'll be available to help. Have a nice day.

 

    O
    OptimumAnalyticsAuthor
    May 29, 2022

    Thank you! This was very helpful.

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