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J
jezij
February 20, 2024
Question

Expenses and Reimbursements

  • February 20, 2024
  • 1 reply
  • 0 views

I have expense receipts that I need to categorize on the chart of accounts, however, we are a non-profit club/group with volunteer board members (I'm the volun-told treasurer). One of the board members paid for items using a personal card for an event. I am worried about categorizing receipts, but also sending her a reimbursement and having a "double dip" expense when I run the statement of financial position. 

 

How would I process this? Thank you in advance

1 reply

J
jeanbiverly_
February 20, 2024

I'm here to assist you with your expense receipts, @jezij.

 

To avoid recording expenses twice in the statement of financial position, you can use the same account to categorize expense receipts and reimbursements. This ensures that expenses are accurately recorded. We recommend contacting your accountant for further advice and guidance.

 

Here are the steps you can follow to record a business expense paid with personal funds:

 

  1. Select + New, 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, choose Partner's equity or Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Select Save and close.

 

Then, you can record the reimbursement as an expense. Here's how:

 

  1. Select + New, then choose Expense.
  2. Select a bank account to use 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, then hit Save and close.

 

For more detailed information, refer to this article: Pay for business expenses with personal funds.

 

In case you want to record billable expenses, you can check out this article for more guidance: Enter billable expenses in QuickBooks Online.

 

Feel free to return to this thread if you have any follow-up concerns about reimbursing expenses. We've got your back.

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