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dimitri-korenev-
Level 1

Beginner’s manual step-by-step how to book purchases

Dear all, I am sole entrepreneur and have difficulties in understanding of QB workflows. Can you give a link to a step-by-step instruction how to book certain causes? Case 1: I buy beamer (EUR 150) on amazon for business purposes. I way with private credit card, get Amazon confirmation. Where and what should I enter in QB? Case 2: I buy beamer (EUR 600) on amazon for business purposes. I way with private credit card, get Amazon confirmation. Beamer should be activated and amortize for period of 3 years. Where and what should I enter in QB?
1 Comment 1
MichelleBh
Moderator

Beginner’s manual step-by-step how to book purchases

Not to worry because you're in the right place for answers, @dimitri-korenev-. I hope you're doing great right now. 

 

I'm here to ensure you can enter your purchases in in QuickBooks Online (QBO). Happy to provide the step by step to achieve the goal. This way, you can begin managing your asset in your account. 

 

With this, I'd recommend creating a Journal Entry for the business expense you paid for with personal funds. Let me show you how: 

 

  1. Go to the + New and choose Journal entry.
  2. Select the expense account for the purchase on the first line and enter the purchase amount in the Debits column.
  3. On the second line, select Partner's equity or Owner's equity.
  4. Type the amount in the Credits column. 
  5. Click Save and close

JE.PNG

 

After that, reimburse the money by creating an expense or cheque. See the instructions below: 

 

  1. Go to the +New and choose either Cheque or Expenses
  2. Select a bank account to use to reimburse the personal funds.
  3. Pick Partner's equity or Owner's equity in the category column. 
  4. Type the amount in the box. 
  5. Click Save and close
  6. Repeat the steps for your second beamer. 

 

For more details, check out this article: Pay for business expenses with personal funds.

 

Additionally, you can process your beamer debts amortisation by creating an expense or cheque. Then create a Journal Entry to delete it. For the complete instructions, see this link: Does QuickBooks Online have an amortisation schedule?

 

Moreover, QuickBooks provides training classes and webinars. This way, our customers will get more familiar with the product. 

 

Furthermore, check out these articles below for the QuickBooks user guide and help articles: 

 

 

Don't hesitate to notify me if you have further questions about your account. As always, I'm glad to help. Keep safe, dimitri-korenev-.