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How to Record Business Expenses Paid with Personal Funds in QuickBooks Online

Frames How to Record Business Expenses Paid with Personal Funds in QuickBooks Online

Description How to Record Business Expenses Paid with Personal Funds in QuickBooks Online

Comments How to Record Business Expenses Paid with Personal Funds in QuickBooks Online

Ok i followed these direction and now i have a 3250 balance in my Owner's Investment account How would I pay this money back to my person account out of the business account? Comment from : Ted Faulkenburg

This is sooo good! Thank you so much this literally saved me and helped with confusion Comment from : Monique Johnson

That was great! Thanks Comment from : Jacqueline Bennett

Hi ma'am thank you for the lesson it really helps a lot brHow about if the owner pay his business credit card with his personal bank account as a loan?? brCan I use "transfer" Transfer from owner contribution and transfer to name of business credit card example amex123 What will effect if i use transfer? brThank you Comment from : Rere Retha

Thanks for teaching your classes so well Comment from : nm multiservice

When you clear out the personal funds can you do a balance transfer from a personal card to a business credit card? Comment from : ARIEZ MUSIC

I am a single member LLC, can't I just do a JE to record my expenses to "owner draw"? Also, I put $1200 cash into the company to start, so would these both go to owner draw beings an LLC? It is very confusing because the structure of the business determines how you enter this Comment from : Niki Blevins

very useful thank you Comment from : larryps

Question: if I’m tracking for a reimbursement would I add the funds to the account I’m writing the reimbursement check out of ? Comment from : Solivagant

Hi Claudia, I am just moving an expense into Personal funds account and have noticed it is a foreign currency I just found out that you can't set up that is the component my client bought(EasyStart) How do I show those amounts? I have the US amt that I was charged and I have the full cost of the Canadian currency I want to use This is a twist brbrAlso, IF my client decides just to leave that money in the business, do you have to change it to owner's equity? (he is a sole proprietor) Much thanks for answering my questions br🥰 Comment from : Flora K

forgot to askcan you show us how this shows up in reports,(whichever is best to show it) please? Much appreciated🙂 Comment from : Flora K

Hi Claudia Great video I have subscribed! I am pretty new to the Quickbooks system and refreshing my bookkeeping skills I want to know that when you have to repay the investor, is there a way of doing that by e-transferring the amount of repayment to the investor's personal account or does it have to be a check to the investor? Is that possible? Thanks for responding I look forward to looking at your other videos I love how you go deeper into explaining in plain non-bookkeeping language😃 Comment from : Flora K

Out of subject if you don’t want to add your checking account to quick books can you manually type in a check amount? Anyone know this I’m starting book keeping soon and the person I’m doing it don’t want to link there checking account to quick books very old school person can anyone tell me if you can do this? Sorry off subject Comment from : BT white

Thank you for the video How do you clean out the personal fund if the amount is positive? Comment from : J M

Hi Can you help me with this problem brbrSuppose there are four investment properties, each with their own books Assume that the four properties and their respective books are managed by a third-party property management firm Our company hired and manages the property manager, and is ultimately responsible for the financial performance of the buildings br br br brThe property management firm often uses licensed contractors to perform routine maintenance on the buildings When this occurs, the property management firm pays the contractors directly from the respective buildings’ accounts, and records the transactions appropriately However, for larger capital improvement projects on these buildings, our company sometimes uses an unlicensed contractor whose work is cheaper Because the contractor is unlicensed, the property management company requires that our company pays the contractor directly Our company typically pays the contractor via Zelle, or through a check br br br brHow would you recommend our company keeps track of these “off-book” expenses so they are appropriately accounted for under the respective buildings at the end of the tax year? And how will we reimbruse this expense Please be as specific as possible Comment from : Jayson Too

How can i have my employers keep track of their receipts when they make an expense for instance when its a receipt and so they wont loose it or be misplaced Comment from : Aly Martinez

Thank you for your video! I like how you explain in a very simple way I have a personal checking account linked in qb that I sometimes use for to pay for business expenses I usually match these expenses however I noticed that in doing the journal entries to record to the owner's equity account, it duplicates the amount Do I still create a personal funds account? I'm not sure how to correct this Comment from : deanna pilgrim

Hello, I have a client who transferred money three times on 2022 from his business checking account tp his personal savings account Could you please explain what the best way to register these transactions in QBO is? I register the transaction as owner's Draw - Equity - Partner Distributions, but I know that is also an income for the ownerbrAlso, he paid the business credit card with his personal checking account How can I register this? as a journal entry? Do you happen to have webinars or any form of contact where I can ask questions? Thank you Comment from : Angela Baena

This is exactly what I was looking for - thank you! I have a question: my business started on Jan 4, 2023 and I have 21 expense transaction (startup related Sole Proprietorship) in November and December of 2022 Although these expenses occurred in the last calendar year, can I record them in the way you explained with the clearing account? Comment from : Gerhard Tratter

Thank you! Personally as DIY bookkeeper I record such transactions to the "Expense" and "Due to shareholder" accounts Comment from : Ivan T

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