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Dontina G

Business Expense, Personal Account

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I paid a business bill from my personal checking account. I don't have my personal account set up in Quickbooks so how do I record the bill payment? I can't for the life of me figure it out and I know it's not that difficult. Maybe it's just too early and I need to wait until after I've had my coffee. :lol:

 

I tried searching but I think I have too many terms in my query.

 

Thanks,

Dontina


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You have two options, depending on comfortable you are with debits & credits:

 

1. Use a journal entry. (Company > Make Journal Entries). Debit your expense account & credit your owner's equity account.

 

2. (My preferred method). Set up a bogus bank account called "Owner's Funds" or something like that. Write a check for the expense. I like this method because it captures the vendor name, you can use Items instead of Expenses if you like, etc. For example, if you bought something at Staples, the check would be written to Staples and the expense account would be Office Expense. This transaction will always be able to be looked up under the Staples vendor account, if need be. At the end of the month, or the end of the quarter, adjust your bogus bank account balance against owner's equity to zero it out.

 

HTH!

Deb

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