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September 5, 2021
Question

Hi How do I add an expense from my personal debit card and then claim the tax?

  • September 5, 2021
  • 1 reply
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1 reply

September 5, 2021

Hello, chris322. 

 

Thank you for posting in the Community. You can record the expenses you made with personal funds by using the Journal Entry feature, and you can create JE as a cheque, and also add the tax in the JE. Here's how: 

 

  1. Click the + New.
  2. Choose Journal entry.
  3. On the first line, select the expense account for the purchase.
  4. Enter the purchase amount in the Debits column.
  5. On the second line, select Partner's equity or Owner's equity.
  6. Enter the same purchase amount in the Credits column.
  7. Press Save and close

 

Once done, creating JE, we can record reimbursement, to decide how you want to reimburse the money.  

 

For the reimbursement , you have two options.

 

Option 1: Record the reimbursement as a cheque: 

 

  1. Select + New.
  2. Choose Cheque. Or if you're in Business view, follow the steps to switch to Accountant view first. Then come back to these steps.
  3. Tap a bank account to use to reimburse the personal funds.
  4. In the category column, select partner's equity or owner's equity.
  5. Enter the amount to reimburse.
  6. Hit Save and close.

 

Option 2: Record the reimbursement as an expense: 

 

  1. Click + New.
  2. Select Expense
  3. Choose a bank account to use to reimburse the personal funds.
  4. In the category column, select partner's equity or owner's equity.
  5. Enter the amount of the reimbursement.
  6. Tap Save and close..

 

The other detailed steps in the article will help record the transactions specific to the expenditure: How to pay for business expenses with personal funds

 

However, I suggest reaching out to your accountant for a specific account to use in tax. To ensure your book will be accurate.

 

I'm here anytime you need help with QuickBooks Online. Don't hesitate to reach out to me by clicking the Reply button below. Stay safe!