Articles Blog
Reckon / Quickbooks – How to Track a Business Expense I Paid Personally
- Details
-
Published on Monday, 30 September 2013 21:20
Client called and said they had paid for a business expense personally – how would it be possible to track it?
Answer –
- If the business can reimburse you now, transfer from the business account to yourself, then just record the expense as a Write Cheque as if you had paid the supplier.
- You can record the payment directly from your Equity or Drawings/Loan account, then there is less the business owes you back later, as your Loan account reduces. NO need to reimburse or transfer money.
- If the business can’t reimburse you for a while, you can set yourself up as a supplier/vendor, and create a new purchase, allocated to the expense type. Then you will be on the Aged Payables. When you can re-pay yourself later, pay it and record the payment to your “purchase”.
Need help? Not sure?
Call for FREE 30min advice / strategy session today! Aus +61 407 361 596
and also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!
