How to Record Personal Funds Used for Business in Quickbooks Online
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- čas přidán 29. 06. 2024
- How to record personal funds used for business in Quickbooks Online. It happens, whether you own the business yourself or with other people - someone will inevitably use personal money to pay for business expenses, whether it's with cash, check or their personal credit card. The question is, how do you record personal funds used for business in Quickbooks Online?
This video shows you 3 ways to do it. But how you record personal funds used for business in Quickbooks Online really all depends on 3 things - 1) if you have multiple owners, when you want to be paid back and if you want to be paid back. This video shows you the 3 ways to record these transactions when you use personal money for business in Quickbooks Online.
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Hey your videos have been helping me out a lot!
I currently just started using the new quickbooks for my business and am confused a little with the new one as I was so used to using the other version that I had. So I keep all of my receipts for my small little business and then input them all into my quickbooks at the end of the year as it is not that many and was wondering should I be putting these as journal entries into quickbooks? or Should I be setting up vendors and such and then recording them as expenses? thanks and thanks for the awesome tutorials!
I would add vendors and enter them as expenses. This way you can track who you spent the money with
Once the "cash loan" shows up on my checking Chart of Accounts, how do I categorize it?
It’s an Other Current Liability
I have a question. I uploaded a receipt for a business fuel expense that was paid with my personal debit card. It gave me the option to create an expense after filling in the receipt details. I made the payee the gas station that was paid, and I set the payment account to a DUE/FROM SHAREHOLDER LOAN(liability account). When I look at the journal entry it created, it looks like it credited the shareholder account and also debited the gas expense to fuel and gst seperately. Is this wrong or even just a bad way to do personal payments for business expenses?
This sounds fine to me
Hello there! I have over 3000 customers that I invoiced; from there, I set up a multi-use payment link to receive those payments. Now I am trying to figure out how to assign the payments that come through the payment link to the outstanding invoices. I tried "receiving payments" for each one, but it essentially showed that I received double what I actually brought in. I hope that is making sense. Do you have any advice on how to complete this process?
That’s a lot of work matching those. Do they come in through a bank feed and you have recorded them? If so you may have recorded them twice
@@QbuniversityOrg Sorry I am new to QBO so forgive me if I am not explaining myself well. I set up a payment link and made that link available to all 3000 customers to make their payments. It is not through a bank feed. I deleted the payments I manually entered in hopes that I can find a way to assign the automatically generated sales receipt to their corresponding invoices.