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#HOW TO POST PERSONAL EXPENSES IN QUICKBOOKS HOW TO#

Select the Payment Method and enter the reimbursement amount.

Enter Meals and Entertainment Expense as the Account Name. Select Other Account Types, then select Other Current Liability from the drop-down menu. Even if they're not a customer, this is the best option. How do I enter food expenses in QuickBooks Create a Sales Tax liability account From the Company menu, choose Chart of Accounts.

Tip: Add the person as a customer if they aren't in your books already. In the Received From field, enter the person who made the personal expense, then select the account. Go to the Add funds to this deposit section.Select the Account to add the reimbursement to, and select the Date.In the Category details section, select the drop-down menu ▼ to select the tax category that fits your need.

Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.

Select a Payee from the drop-down ▼ menu.

Step 1: Record a personal expense from a business account After that, you can reimburse the company. When you use a business account to pay for a personal expense, you should record it in QuickBooks.

#HOW TO POST PERSONAL EXPENSES IN QUICKBOOKS HOW TO#

If you have any more questions, feel free to ask.Learn how to handle a personal expense in a business account in QuickBooks Online.Įven though you should avoid mixing personal and business funds, sometimes it happens. That’s it, hopefully I was some help to you. Click the Green Add button on the bottom right.Under Category Select Personal Expense Equity.Under Vendor/Customer select a payee, if this is the first time, you will need to create a new payee.Find your business account and that transaction will be listed below in Tab For review. When the bank feeds that transaction into your QBO, you will find this under menu Banking, Banking. This is where the rubber hits the ground. Under Name, call it personal expense(QBO may name it for you).Under Detail type select Personal Expense.A new screen will pop up called Account.Click on the Green button labeled New which is on the top right of all the accounts.Go into your Charter of Accounts which is in the left side bar within Accounting.In order to correctly categorize your expense in QBO, you will need to create a personal expense equity account. Type in personal and see if a personal expense equity account pops up. By creating this account as equity, you are able to separate it from the rest of the business expenses.īefore going into the steps below, in Charter of Accounts, there is a filter by box above all the accounts. To help with this, you will need a personal expense equity account. Take responsibility and label the transaction correctly. Every time something went wrong, he would shout out,” Did I do that?” Steve was funny when he said this, but mistakes happen. Trying to close those books out each month is a nightmare.įor those of you from the 90’s era, you remember Steve Urkel. Take it from someone who has gone through several different accounts that have more personal than business. In order to track business expenses effectively, you will need to avoid using your business account for personal. (I will be calling QuickBooks QBO, which stands for QuickBooks Online) In the Category details section, select the drop-down menu to select the tax category that fits your need. Select the Bank Account, Cash Account, or Credit Card you used to make the purchase.

Of course every once in a while, we pull out the wrong debit card. Step 1: Record a personal expense from a business account Select + New. Now that we have a bank account and QuickBooks set up, we don’t need to use our personal account. Before having a main business account, we are forced to use our personal account. Spending money within our business for personal things is something I believe we have done and are guilty of from time to time, myself included.