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Mar 11, 2023 4:32 PM UTC
Question

How do I record a payment from the Limited Company business account for a personal expense which will not be reimbursed to the company? TIA

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1 reply

Mar 11, 2023 6:22 PM UTC

Welcome to the Community, newmanmc.

 

I'll help you ensure you can record a payment for personal expenses in QuickBooks Online. 

 

Although we should avoid mixing personal and business funds, it happens sometimes. When using the business account to pay for a personal expense, here's how you can record it: 

 

  1. Click + New and select Cheque or Expense.
  2. Choose a Payee from the dropdown ▼ menu.
  3. Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.
  4. In the Category details section, select the dropdown menu ▼ to choose the tax category that fits your need.
  5. Enter the Amount of the purchase.
  6. Tick Save and close or Save and new.

 

If you want to reimburse the company, you can follow Step 2 in this article: Pay for personal expenses from a business credit card or bank account. 

 

In addition, I've added this handy reference if you want to record business expenses you made with personal funds in QBO: Pay for business expenses with personal funds.

 

You can post anytime if you have questions about managing your expenses or other transactions in QBO. Please know that the Community has your back. Keep safe always.