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J
JDS-Jaz
October 15, 2024
Question

Using Personal Funds to pay off business credit card by mistake

  • October 15, 2024
  • 1 reply
  • 0 views

Hello,

 

I use the same bank for my business checking/credit card and personal. While I was making my credit card payments for the month I by mistake transferred funds from my personal checking to my business credit card thinking I was using my business checking to pay my monthly statement like I always do. How do I categorize that payment properly for this error? 

1 reply

Rainflurry
Rainflurry
October 15, 2024

@JDS-Jaz 

 

Is this a sole proprietorship (or single-member LLC)?  If so, create a check (New > Check).  Select the CC company as the payee.  Then, add 2 line items under 'Category details' - on line 1, select your cc liability account and enter the payment amount.  On line 2, enter your owner's equity/capital account and enter the payment amount as a negative, then save.  If you want to reimburse yourself, assign the payment to the same  owner's equity/capital account. 

J
JDS-JazAuthor
October 15, 2024

Hi @Rainflurry 

 

Yes it is an LLC. I forgot to mention I don't have my personal account attached to quickbooks. Only my business checking and credit card are in quickbooks. Not sure if that changes your answer.  Sorry I'm still new to quickbooks but I appreciate your answers.

Rainflurry
Rainflurry
October 15, 2024

@JDS-Jaz 

 

Thanks for the additional info.  No, that doesn't change anything.  The "check" is just the transaction type that allows you to record this transaction in your company books (as opposed to a journal entry) and have it show up under the cc vendor to easily locate it in the future.  You're not actually writing a check (check amount is $0) so be sure to use some generic check number.  This assumes that you have or will enter the cc charges.  Hope this helps. 

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