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N
Newbie18
November 11, 2022
Question

Owner's draw to reimburse expenses

  • November 11, 2022
  • 1 reply
  • 0 views

How do I correctly enter expenses paid with the owner's personal credit card for business expenses?

 

The owner has been drawing lump sums every few months. Can these expenses be retroactively applied to the draws? If so how is this done?

1 reply

A
Alex M
November 11, 2022

Hi there Newbie18,

 

It's important that all your transactions be entered correctly for your books to be well balanced. QuickBooks Online is a great tool able to keep track of expenses and sales made so you can see your company's profit. I can point you in the right direction to enter these transactions.

 

In order to know how to enter these expenses and reimbursements, as well as the setup required as far as accounts go, I recommend reading up on this article about How to pay back to the owner who paid for purchases on behalf of business. 

 

If you have any other questions, feel free to reach out here.

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