Thank you for getting back to us, @jo-lee. I can assist you in managing personal expenses incurred from your business account in QuickBooks Online (QBO).
You'll need to record the expenses and then reimburse them to ensure your books are updated. I'll guide you in this process:
- Go to + New > Check or Expense.
- Select a Payee from the dropdown menu.
- Choose the Bank Account, Cash Account, or Credit Card you used to make the purchase.
- In the Category details section, select the dropdown menu to select the tax category that fits your needs.
- Enter the Amount of the purchase.
- Tap Save and Close.
Once done, reimburse the company.
- Go to + New > Bank Deposit.
- Select the Account to add the reimbursement to, and choose the Date.
- Go to the Add funds to this deposit section. In the Received From field, enter the person who made the personal expense, then select the account.
- Choose the Payment Method and enter the reimbursement amount.
- Tap Save and Close.
When dealing with accounts that may be affected by mixing personal and business funds, I strongly recommend seeking expert advice from a qualified accountant. They can offer valuable suggestions and ensure that your books are accurate and error-free. An accountant's expertise is crucial in maintaining your business's financial health and compliance.
You can refer to this article for more information on the topic: How to pay for personal expenses from a business bank or credit card account.
If you have any questions or need guidance on this matter, please feel free to ask, and I'll provide you with the information and steps you need to handle these expenses effectively.
