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doubleawindowcle
May 7, 2020
Question

You asked Hi, using the simple start application how do you record a personal expense that has nothing to do with my business income and expenses please?

  • May 7, 2020
  • 2 replies
  • 0 views
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2 replies

M
Mark_R
May 7, 2020

Welcome to the Community, @doubleawindowcle.

 

Recording personal expenses affect your business records. Though, we encourage QuickBooks users not to mix personal expenses to your business. However, I can walk you through on how to record it properly in your QuickBooks Online.

 

Here's how:

 

  1. Click the + New button, then select Expense or Cheque.
  2. Choose the payee from the drop-down.
  3. Select the appropriate bank account you used in the Payment account drop-down.
  4. In the Category details section, choose the category of the purchase.
  5. Enter the necessary information and the amount.
  6. Click Save and close.

After recording the personal expense, you can reimburse the company when you're ready. For more guidance, feel free to check out this article: Pay for personal expenses from a business credit card or bank account.

 

To learn more about mixing business and personal funds, you can read this article for detailed information: Mixing business and personal funds.

 

Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. Have a great day and keep safe.

D
doubleawindowcleAuthor
May 8, 2020

Hi Mark, 

 

Am I right in saying that the procedure you have shown me above .....

 

ie an expense shows on my bank statement that quickbooks will see..

 

I do the above procedure..

 

You mentioned that I have to pay it back or would I not as this is my expense or ie part of my own wages income to use?

 

thank you for the above reply from what you mentioned.

 

E
emmam6
June 13, 2023

Hello Community Users, we just wanted to add some clarification onto this thread. How you would record paying yourself a wage differs depending on business type. If you are a sole trader, you may want to consult HMRC or an accountant on how you would record paying yourself.

 

If it is a personal expense where you have used the business card and it is not business/wage related you would need to record paying it back in order for things to be separate. If it is a loan, we can advise how best to record that.

Any questions let us know, just reply to this thread.

Thanks

Fiat Lux - ASIA
Fiat Lux - ASIA
May 8, 2020

@doubleawindowcle 

Explore Mint. It is for personal book.

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