What is the complete process of recording an expense that was paid by the owner? I have a receipt of payment, what are the steps?

Hi pedro-kelsen-ai,

Welcome to Community!  QuickBooks Online is a powerful program, that enables you to record business expenses made with personal funds seamlessly.  I'd be glad to help!

Although we recommend not to mix business and personal funds, we know it can be unavoidable at times.  When this happens, you'll record the expense, then reimburse the funds as a cheque or expense.  Before you can record a capital investment, you need to set up an equity account.  Then follow these steps;

First step is to record the expense;

1. Select + New from the left menu, then choose Journal Entry

2. Enter the expense account for the purchase, on the first line

3. Add the purchase amount in the Debits column

4. On the second line, select Partner's equity or Owner's equity

5. Enter the same purchase amount in the Credits column

6. Hit Save and close.

Record the reimbursement as a cheque;

1. Open + New, then select Cheque

2. Select a bank account to reimburse the personal funds

3. In the Category column, select Partner's equity or Owner's equity

4. Enter the amount to reimburse

5. Hit Save and close. 

Record the reimbursement as an expense;

1. Select + New, then choose Expense

2. Enter a bank account to use to reimburse the personal funds

3. In the Category column, select Partner's equity or Owner's equity

4. Enter the amount of the reimbursement

5. Select Save and close.

Should you require additional assistance, please don't hesitate to contact us.

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