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joycesyi
joycesyi
November 4, 2018
Solved

If I purchased an app for my business on Itunes, paid by my personal Itunes Balance, how do I record this on the corporate ledger?

  • November 4, 2018
  • 1 reply
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Hi, I purchase a CamScanner App on Apple Store. Paid $36 using my Itunes(Apple ID) Balance. How do I record this transaction in Quickbooks Online? Thanks

Best answer by Rustler

It depends on how the company is taxed

if you are a sole proprietor or a partnership, then post the purchase as being from owner/partner equity investment. Number of ways to do that, but easiest IMO is a journal entry, debit expense and credit equity investment

if you are taxed as a c- or s-corporation, then you create a liability account named something like due to [name] and use a journal entry, debit expense and credit liability. later the company pays you back using the liability account as the expense (reason) for the payment

1 reply

Rustler
RustlerAnswer
November 5, 2018

It depends on how the company is taxed

if you are a sole proprietor or a partnership, then post the purchase as being from owner/partner equity investment. Number of ways to do that, but easiest IMO is a journal entry, debit expense and credit equity investment

if you are taxed as a c- or s-corporation, then you create a liability account named something like due to [name] and use a journal entry, debit expense and credit liability. later the company pays you back using the liability account as the expense (reason) for the payment

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