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Chris_Eagland
February 20, 2022
Question

Paid for a business expense out of personal account - QB Self Employed

  • February 20, 2022
  • 1 reply
  • 0 views

Hi there,

 

I accidentally paid for a £149 van hire business expense on my personal debit card. 

 

How do I record this transaction accurately within my QB Self Employed portal? I want to a) record the transaction as an expense in my QB Self Employed portal and b) reimburse my personal bank account.

 

Thank you to whoever is able to help.

 

Kind regards,

Chris

1 reply

T
TirzahC
February 20, 2022

Hello, Chris_Eagland.

 

QuickBooks Self-Employed (QBSE) is commonly used to track income, expenses, mileage, and tax info. This type of QuickBooks is designed specifically for independent contractors and freelancers at year-end. QuickBooks Online (QBO) on the other hand is preferred by small businesses because of the chart of accounts feature.

 

If so you would record this percentage amount using an expense transaction, on the expense select the business bank account under 'Payment account' and enter an expense account on the Category drop-down. This way, they can guide you on the correct category to use for making sure your books are accurate.
 

I'm also sharing this article for additional reference about categories in QBSE: Custom categories in QuickBooks Self-Employed.

 

The Community is always open if you have other questions. I'll be around to help. Wishing you a great day ahead.

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