How to Record Business Expenses made with Personal Funds in QuickBooks?
I have made some expenses from my Personal Credit while my Owner was on holidays. Obliviously, I will get reimbursement. But I wonder, how do I record these expenses as those were made through my Credit Card. Can Some Please guide me a little bit? An early reply would really be appreciated and helpful – Ivana
Thanks for posting on our Forum.
Since you are a corporation, the amount you paid for expenses is a loan to the company. Create either a liability account or a credit card account name due to [name] and post the transactions there (I would use the CC type account since it just makes transaction entry easier, but there will be other opinions)
Later the corporation pays you back
Hope this helps.