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Blackwidowbelting
August 24, 2021
Question

tracking personal expenses payed

  • August 24, 2021
  • 1 reply
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just getting my business going and I bought things from my preanal account and now that I have my business  bank account set up I need to record all the things I paid so when i start making money the business can pay me back. iv already set up a shareholders account under my chart of accounts but now I need to enter the things in but not as paid as I don't have the business fund to pay it back yet. 

1 reply

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LauraAB
August 24, 2021

Hello again Blackwidowbelting,

 

I love that you're making progress with setting up your books in QuickBooks Online. I know that many businesses start like you've mentioned, where some business expenses are paid using personal funds. It's just as important to record these entries as others, and I can show you how QuickBooks recommends handling them.

 

In the QuickBooks Community, we have a few articles for dealing with transactions that mix business and personal funds. For your situation in particular, I recommend reading through the following article, which goes over recording the initial transaction and then the repayment of the funds from the business when you're ready to take that step: Pay for business expenses with personal funds

 

You're also welcome to check in with an accountant to see if this process will meet your needs. QuickBooks Online's My Accountant tab is where you can go to invite an accountant you're already working with as a user to your account so they can work with you in your books. The other option there is the Find a pro to help button, which gives you the opportunity to search through our directory of QuickBooks-savvy pros near you.

 

Wishing you the best with this!

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