QB Issue Resolution:
For a corporation
Create a current liability account called due to [name]
Then the easiest way IMO, is to create a dummy bank account. Use menu plus>vendors>expense, set the pay from account to the dummy account, select the expense account and enter the amount. That will drive the dummy bank account negative.
IF,
if you are paying yourself back immediately, write a check to yourself from the business bank account and use the dummy bank as the expense for the check
or,
if you will wait to pay yourself back, make a deposit to the dummy bank account for the total amount, and use the due to [name] account as the source (from) account for the deposit. That will set the dummy bank to zero balance.
Later you write a check to yourself from the business bank account and use the due to [name] account as the expense for the check.
Resolution for Issue 'How to record business expenses paid with personal CC and Checking accounts?Knowing all accounts’ transactions are connected online to QB online version. Example: buying office supplies and a computer with personal CC and then paid personal CC dues with Business Checking account. I found similar answers such as: making Journal Entry with two lines one Debit and one Credit. Then, use Expense to record reimbursing Owner’s Equity !!…Would this method works for transactions that already recorded from online bank accounts feed? and How? I thought Joural Entries will cause duplicate entries with online transcation feed! I will be taxed as S-Corp. Please help..Thank you' available: Yes (Solved).
Source: Intuit Community forum.
How to record business expenses paid with personal CC and Checking accounts?Knowing all accounts’ transactions are connected online to QB online version. Example: buying office supplies and a computer with personal CC and then paid personal CC dues with Business Checking account. I found similar answers such as: making Journal Entry with two lines one Debit and one Credit. Then, use Expense to record reimbursing Owner’s Equity !!…Would this method works for transactions that already recorded from online bank accounts feed? and How? I thought Joural Entries will cause duplicate entries with online transcation feed! I will be taxed as S-Corp. Please help..Thank you: 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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