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orcowgirl
January 1, 2019
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how to enter payment of bill paid with personal funds

  • January 1, 2019
  • 1 reply
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Using QB Desktop 2017 - how do I enter a bill on a PO for inventory that was paid with personal funds?

Best answer by Rustler

enter the bill as you would any other time

 

there are several ways to pay with personal funds, assuming your are taxed as a sole proprietor or partnership, I prefer

 

create a cash type bank account called owners

pay the bill using that owners bank account

then make a deposit in the owners bank account for that same amount and use the owner equity investment account as the source account for the deposit

1 reply

Rustler
RustlerAnswer
January 1, 2019

enter the bill as you would any other time

 

there are several ways to pay with personal funds, assuming your are taxed as a sole proprietor or partnership, I prefer

 

create a cash type bank account called owners

pay the bill using that owners bank account

then make a deposit in the owners bank account for that same amount and use the owner equity investment account as the source account for the deposit

stheobald
stheobald
November 28, 2022

Owner/shareholder paid for a bill with his personal credit card. Now I need to reimburse him but the payment was for a bill on a PO. How do I pay the bill and reimburse him to close out the PO? Yes, I've already told him NOT TO DO THIS!

Thank you!

    R
    rvrfrf
    November 28, 2022

    Thanks for joining this thread, stheobald.

     

    When reimbursing a personal expense, you can record it in your books as a check or expense. The first step is to enter the expense as a journal entry.

     

    Here's how:

    1. In the top menu bar, go to Company, then Make General Journal Entries.
    2. Enter any necessary details.
    3. Select Save & Close.

     

    Next, you can record your reimbursement as a check or expense.

     

    I've also included a detailed resource about working with expenses which may come in handy moving forward: How to Record Expenses Paid by an Owner’s Personal Funds

     

    If there's any additional questions, I'm just a post away. Have a lovely day!

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