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calathea
July 15, 2023
Question

Track Expense not in Business Account

  • July 15, 2023
  • 1 reply
  • 0 views

I'm self-employed using Quickbooks Simple Start. I have a flex account which I run most of my regular business expenses though. Thats easy and set up. 

 

However, I pay for big things like flights and hotels on my Credit Card. This isn't a 'business' card so most of the transactions are personal. 

 

How do I track these expenses within the business as an expense but not going through the business bank account and effecting what QB think the cash position should be? 

1 reply

G
GebelAlainaM
July 15, 2023

Hello, @calathea.

 

 I understand the importance of tracking your expense transaction carefully so we're unable to mix personal and business funds. Though, there's still time that we encounter it. With that, I'm happy to guide you track your personal expense transaction from your business card in your QuickBooks Online (QBO).

 

In QBO, when we use a business account to pay for a personal expense, we'll need to record it in a QuickBooks account. After that, let's reimburse the company. I'll show you the process below.

 

To record the personal expense from a business account:

 

  1. In the left menu, click the + New button.
  2. Choose either Check or Expense.
  3. Enter the information needed, such as the Payee and Date.
  4. Select the Business bank account card used to make the purchase.
  5. In the Category details section, select the drop-down menu to choose the tax category that fits your need.
  6. Enter the amount of expense.
  7. Then hit Save and close.

 

To reimburse the company:

 

  1. In the left menu, click the + New button.
  2. Select Bank Deposit.
  3. Choose the account where the reimbursement needs to be added and the Date.
  4. Go to the Add funds to this deposit section.
  5. In the Received From field, enter the person who made the personal expense, then select the account. You can add the person as a customer.
  6. Choose the payment method.
  7. Enter the reimbursement amount.
  8. Select Save and Close.

 

For more tips about handling personal and business expenses, you can check out these articles:

 

 

Furthermore, you can refer to this article for future reference:

 

 

Reach out to me if you have any other concerns or questions about managing expenses in QBO. I’ll be right here to answer them for you. Enjoy the rest of the day.

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