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Palomar
February 16, 2021
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How to record inventory purchases in QB that I paid with my personal credit card.

  • February 16, 2021
  • 1 reply
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I am at the beginning of my business; I am a single member LLC and will probably choose to be treated as a sole proprietorship. I do not have a business credit card as yet, so that I might use my personal credit card to pay my expenses at least for a while. I have a couple of questions: 

1. What are the steps to record inventory purchases in QB that I paid with my personal credit card? and

2. How to record my business expenses (like internet, hosting, domain) in QB also paid them online using my personal credit card?
Thank you greatly.

Palomar

Best answer by MJoy_D

Yes, you're right, @Palomar.

 

You can also record those expenses by creating a bill and mark them as paid using the Pay Bills window. 

 

In QuickBooks Desktop (QBDT), you can record your expenses by writing a check, entering a bill, or through credit card charge for purchases you track through expense accounts and for the following types of items: fixed asset, noninventory part, service, and other charge.

 

To record an expense for inventory items, you can record them by entering a bill, then use the Pay Bills window to view and pay the bills.

 

Here's how to enter bills:

 

  1. Go to the Vendors menu, then select Enter Bills.
  2. Provide all the necessary information.
  3. Select Save to record the bill.

 

Here’s how to pay a bill properly:

 

  1. Go to the Vendors menu, then select Pay Bills.
  2. Select the correct accounts payable account from the dropdown.
  3. Provide all the necessary information.
  4. Choose Credit Card  as the payment method.
  5. Click on Pay Selected Bills.
  6. Select Done.

 

Check these articles for more information:

 

 

Please let me know if you still have follow-up questions about recording your transactions by leaving a comment below. I'm always here to assist. Take care and enjoy the rest of the week.

1 reply

M
MadelynC
February 17, 2021

I can help you record these purchases paid with your credit card in QuickBooks, @Palomar.

 

Frequently, business owners will pay for business expenses with personal funds. These expenses can be recorded in QuickBooks by creating journal entry.


The expenses should be entered to the relevant expense categories via Owner’s Draw/Equity. Let me outlined the steps for you:

 

  1. Go to the Company menu and select Make General Journal Entries.
  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 Owner's equity.
  5. Enter the same purchase amount in the Credits column.
  6. Select Save and close.

 

You can also visit this article for further information on how to track expenses in QuickBooks. This provides ways to manage and organize your personal finances.

 

Don't hold back to drop a comment below if you have other questions besides recording expenses. It's my pleasure to be of great help. Take care!

    P
    PalomarAuthor
    February 17, 2021

    I did some search on QB website and found that this should be recorded as entering a Vendor and a bill and pay that bill with a credit card....is that right?

     

    MJoy_D
    MJoy_DAnswer
    February 17, 2021

    Yes, you're right, @Palomar.

     

    You can also record those expenses by creating a bill and mark them as paid using the Pay Bills window. 

     

    In QuickBooks Desktop (QBDT), you can record your expenses by writing a check, entering a bill, or through credit card charge for purchases you track through expense accounts and for the following types of items: fixed asset, noninventory part, service, and other charge.

     

    To record an expense for inventory items, you can record them by entering a bill, then use the Pay Bills window to view and pay the bills.

     

    Here's how to enter bills:

     

    1. Go to the Vendors menu, then select Enter Bills.
    2. Provide all the necessary information.
    3. Select Save to record the bill.

     

    Here’s how to pay a bill properly:

     

    1. Go to the Vendors menu, then select Pay Bills.
    2. Select the correct accounts payable account from the dropdown.
    3. Provide all the necessary information.
    4. Choose Credit Card  as the payment method.
    5. Click on Pay Selected Bills.
    6. Select Done.

     

    Check these articles for more information:

     

     

    Please let me know if you still have follow-up questions about recording your transactions by leaving a comment below. I'm always here to assist. Take care and enjoy the rest of the week.

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