QB Issue Resolution:

Hi there, @nbishop_springboardssolns.

 

Welcome to the Community family. I’m here to share a few details on how to handle your business and personal expense correctly.

 

Regarding the cell phone bill, you can create an expense for it. Then create a Bank Deposit as a refund/transfer from the personal account. The bank deposit must have the same expense account used from the phone bill. To create a bank deposit, you may read this article for your reference: How to Record Bank Deposits in QuickBooks Online.

 

For additional, bills/expenses will increase the expense account while the bank deposit will reduce the expense account.

 

For your future reference, you can read these articles to handle your business and personal expenses:

 

Also, I encourage seeking help from your accountant. This way, they can offer you some advice about personal and business funds.

 

Fill me in if you have further questions. I’ll be around if you need help.

Resolution for Issue 'How to handle a combined business and personal expense? I have a monthly expense (cell phone bill) that is partially for my business, and partially as a personal expense. Currently it automatically deducts from my business checking account, and I transfer the funds to cover the personal portion from my personal checking account. My question is how to handle the deposit/transfer. I have it as an increase to my Member Draw Equity account, since this is the account I have the expense assigned (the personal portion anyway). Is this the correct way to handle this? FYI, I am just starting out and therefore want the cash flow from my personal account to cover this expense. Also, unrelated but another Equity account question: I initially started with some personal money to get the company started, and this is in the Owner Contribution Equity account. Does this need to be closed out each year to Retained Earnings (Owner’s Equity since I’m an LLC)?' available: Yes (Solved).
Source: Intuit Community forum.

How to handle a combined business and personal expense? I have a monthly expense (cell phone bill) that is partially for my business, and partially as a personal expense. Currently it automatically deducts from my business checking account, and I transfer the funds to cover the personal portion from my personal checking account. My question is how to handle the deposit/transfer. I have it as an increase to my Member Draw Equity account, since this is the account I have the expense assigned (the personal portion anyway). Is this the correct way to handle this? FYI, I am just starting out and therefore want the cash flow from my personal account to cover this expense. Also, unrelated but another Equity account question: I initially started with some personal money to get the company started, and this is in the Owner Contribution Equity account. Does this need to be closed out each year to Retained Earnings (Owner’s Equity since I’m an LLC)?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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