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teld9d
July 17, 2019
Solved

I am LLC with a partner and we just started business. I bought a chair for MY office with MY own personal money. How do I record this in quickbooks? My business partner bought her own laptop and furniture for her office with HER personal funds? Ho

  • July 17, 2019
  • 1 reply
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Welcome to the Community, @teld9d.

 

I'm here to help record your business expense paid with your own and your partner's funds in QuickBooks.

 

You can create a journal entry to debit the amount to an expense account and credit to an Owner's equity or Partner Equity. Then record the reimbursement using a check or expense transaction.

 

Please refer to this article for the detailed steps: How to pay for business expenses with personal funds.

 

You can also check this link for more information: About mixing business and personal funds.

 

I'd like to include this helpful article as well just in case you may need to transfer funds between accounts in the future: How to record a funds transfer between two accounts.

 

That should do it. If you have additional questions about the process, do let me know. I'm here to help however I can.

1 reply

A
Anonymous
Answer
July 17, 2019

Welcome to the Community, @teld9d.

 

I'm here to help record your business expense paid with your own and your partner's funds in QuickBooks.

 

You can create a journal entry to debit the amount to an expense account and credit to an Owner's equity or Partner Equity. Then record the reimbursement using a check or expense transaction.

 

Please refer to this article for the detailed steps: How to pay for business expenses with personal funds.

 

You can also check this link for more information: About mixing business and personal funds.

 

I'd like to include this helpful article as well just in case you may need to transfer funds between accounts in the future: How to record a funds transfer between two accounts.

 

That should do it. If you have additional questions about the process, do let me know. I'm here to help however I can.

L
land7784
October 22, 2020

Under the expense say I bought a tool for 100.00 can I just add an entry under the expense that says partners equity and -100.00?

M
MadelynC
October 22, 2020

The amount should be positive, @land7784.


I appreciate you for sharing your concern on the Community page.


When creating a Journal Entry (JE) in QuickBooks, you’ll have to enter a positive amount to balance the debits and credits. So instead of -100, make it a positive 100.


The first line of JE increases their expense account's balance while the second line increases your Partner's Equity account's balance.


Here are the screenshots for your visual reference:


I also have a video tutorial here to learn how to pay expenses with owner funds. I’m sure you’ll find it helpful.


In case of assistance or additional guidance, just leave us a message. I’ll get back to you as soon as I can. Have a good one.

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