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October 19, 2018
Solved

I paid business expenses using a personal credit card before I had revenue coming in through the business. How can I reimburse myself or pay those expenses?

  • October 19, 2018
  • 23 replies
  • 0 views

Is there a way to pay all business expenses from my personal credit card?

Best answer by Rustler

There are several ways to do paying business expenses from personal funds, this is one I prefer

1. Create a dummy bank account called owners, use write checks (do not print them, they are just a form for entering transactions) on that account to enter and pay the bills/expenses.

2. When you are finished, the balance will be negative, make a deposit for the total amount and in the account block select

for a sole proprietor - owner equity, or better owner equity investment (technically you can not borrow from yourself, if you want to be paid back you use equity drawing for that payment)
for a c- or s-corp  - create a current liability account named due-from=[name] and use that
for a partnership - owner investment OR the liability account like the corporation


23 replies

Rustler
RustlerAnswer
October 19, 2018

There are several ways to do paying business expenses from personal funds, this is one I prefer

1. Create a dummy bank account called owners, use write checks (do not print them, they are just a form for entering transactions) on that account to enter and pay the bills/expenses.

2. When you are finished, the balance will be negative, make a deposit for the total amount and in the account block select

for a sole proprietor - owner equity, or better owner equity investment (technically you can not borrow from yourself, if you want to be paid back you use equity drawing for that payment)
for a c- or s-corp  - create a current liability account named due-from=[name] and use that
for a partnership - owner investment OR the liability account like the corporation


October 19, 2018
How do you create a "dummy" bank account when QB makes you connect everything?