Separating business expenses from my personal credit card

I understand how important it is to accurately separate your business expenses from your personal credit card transactions in QuickBooks Online (QBO), andrew. I'm here to share insight about this. 

In QuickBooks Online, we can go to the Chart of Accounts and create a new expense account specifically for personal expenses. 

Here's how:

1. Select Transactions and select Chart of Accounts. 
2. Click on the New button in the top right corner.
3. In the Account Type section, select Expense.
4. Enter a unique name for the account, such as Personal Expenses.
5. Click Save. 

Once done, locate the personal expenses on your credit card transactions and recategorize them under the newly created personal expense account. For the business expenses, assign them to the appropriate expense accounts. I've added screenshots for your reference. 

I'm sharing these two articles that emphasize the significance of monthly account reconciliation in QuickBooks. They provide guidance on comparing bank statements with QuickBooks records, resolving discrepancies, and generating reconciliation reports.

• Categorize and match online bank transactions
• Learn the reconcile workflow in QuickBooks

Keep your posts coming if you need more assistance in managing your accounts in QBO. I'm always here to help. Have a great day!

It is much better to not add any personal accounts to your business books. The best way to solve this is to remove the card and get a business card and use it for the business. And then enter the company charges in an Equity account, perhaps "Owner's Equity", increasing the account balance your equity in the business - because you'll be paying business expenses on your personal account.

Otherwise, if the company will be paying the credit card balance, then record all of the charges and use an Equity account for the personal charges. Something like Owner's Equity:Draw would be appropriate, as you are effectively removing money from the company to pay your personal credit card bill.