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9
9130354502229026
July 31, 2022
Question

Refund to myself

  • July 31, 2022
  • 1 reply
  • 0 views

Hello,

 

I just started my incorporation, and all the initial setup costs I paid out of my personal bank account. I am also an employee in my company. 
How do I reimburse all the money that I paid from my account to set Inc up and running so far? 

How to add these in bookkeeping and how to transfer money from the company bank account to my personal bank account. Any video link available for tutorial?

Any help would be greatly appreciated.

1 reply

T
Trish_T
August 1, 2022

Hi 9130354502229026,

 

It's a pleasure to see you in Community.  Welcome!  QuickBooks Online is a dynamic program with the versatility you need for recording business expenses paid with personal funds.  I'd be happy to help!

 

Your first step is to record the business expense.  Here's how;

 

1. Select + New from the left menu and then choose 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. Hit Save and close

Note; If you don't see the required equity account, you can add one to your chart of accounts.

 

Next, you'll need to decide how you'd like to reimburse the funds.  There's two options.

 

Option 1: Record the reimbursement as a cheque

1. Select + New

2. Choose Cheque. Or if you're in Business view, follow the steps to switch to Accountant view first. Then come back to these steps.

3. Select a bank account to reimburse the personal funds

4. In the Category column, select Partner's equity or Owner's equity

5. Enter the Amount to reimburse

6. Hit Save and close 

 

Option 2: Record the reimbursement as an expense

1. Open + New and choose Expense

2. Select the bank account to reimburse the personal funds

3. In the Category column, select Partner's equity or Owner's equity

4. Enter the amount of the reimbursement

5. Hit Save and close.

You're all set!

 

Please don't hesitate to contact us if you require additional assistance.  It would be our pleasure to work with you directly and ensure you're able to accomplish your QuickBooks goals as soon as possible!

 

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.
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Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

 

If any other questions come to mind, please feel free to reach back out.  We're here for you!

 

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