How to enter transactions from a personal credit card that was paid with the business account
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I recently started a business. For the first couple of weeks, we were buying a lot of the start up equipment that we would need on our personal credit card. It took those couple of weeks to get the business account opened and get the debit cards in the mail. Once we got them, we completely stopped using the personal card, but now I need to enter the payment that we made on this credit card using the business account.
Here is what I have done:
I entered the transactions as bills, I don't want to put the personal credit card as an account on quickbooks unless I have to. I paid the credit card with the business account and I have downloaded the transaction, but not matched it to anything. I tried to match it to more than one bill, but it won't let me.
Is there a way that I can enter these bills as paid without having to enter the credit card as an account? I thought about doing it as petty cash, but I don't want to start messing around with fake accounts unless I have to.
Answer
Create a liabilty account(like a payable) or a "credit card" and call it "owner's loans." Then enter the charges in the OL's account and call them supplies, leaf bags, whatever. Then the expenses(supplies, etc) will be recorded as expenses of the company and the company will owe the owner.
Does this help?
Answer
Edit the downloaded payment(s) to the credit card to use 'accounts payable' with the vendor name (that you used when entering the bills) on the same line as the account.
Then, go to Pay Bills. Select each bill and apply the credits from the payment checks.
Laura D
*****
Cents-able Bookkeeping, LLC
www.centsablebookkeeping.com
http://proadvisor.intuit.com/r...
