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November 20, 2023
Question

I own company. friend use their own money to buy items for business. This person not part of company. i reimbursed expenses(e-transferred) no invoice. how to record?

  • November 20, 2023
  • 1 reply
  • 0 views
Hello
I have a question i am hoping someone can clarify the correct way to record this following scenario in Quickbooks online.

I own a company and normally all expenses go through my business account. 
My partner had used their own personal money to purchase a bunch of things for the company that was required and paid bills.  This persons name in no way at all a shareholder or connected to the company.
Now i need to reimburse them for those expenses so i e-transferred them the total amount of all those expenses at once.

What is the correct way to record this payment to them? 
Recording it as an expense to a person doesn't seem right as they are not a company or provided me an invoice. 

I have all the receipts of what they had purchased though. 

Step by step and explanation is appreciated!! 
Thank you. 

1 reply

November 20, 2023

Hi there, 

 

Welcome to the Community. QuickBooks is a flexible program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work. 

 

Recording your transactions the correct way is vital for ensuring your books remain accurate. That being said, I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. I'm here to steer you in the right direction with navigating the program.