QB Issue Resolution:

Ok, Kinda stuck here. Our company is an LLC with one owner. The owner is also a vendor as he will issue the company an invoice for supplies. My question is, how do I label all the different transactions?

1. Owner will pay for supplies with his own card/cash, then transfer from company checking to personal account then when it updates in In QB he will label it  as reimbursement under loan from member and himself as the payee?  Is this correct?

 

No, as a single owner he can not loan to or borrow from himself.

Money he takes out of the business is an equity draw

 

2. When he invoices the company for supplies, he is the payee again.

 

So when I click on his name under the Vendor section all his reimbursements and invoices (as Vendor) are in this section, is this correct? Should the company he bought the supplies from be the “payee”. for example he will buy a ladder from Home Depot with his personal debit card. Then he will transfer the amount for the ladder form the company account to his personal account to reimburse him and mark himself as the payee.

 

He is a vendor, and he should be tracked as a 1099 vendor.

It is not reimbursement, the company is buying from him.  You enter his bill and pay it using the appropriate expense or asset account for the purchase.

 

at the end of the year he gets a 1099 for those purchases.  This is an outside business for him and it must be kept separate.

 

As you can see the previous copy and paste answer in not applicable.

Resolution for Issue 'Ok, Kinda stuck here. Our company is an LLC with one owner. The owner is also a vendor as he will issue the company an invoice for supplies. My question is, how do I label all the different transactions? 1. Owner will pay for supplies with his own card/cash, then transfer from company checking to personal account then when it updates in In QB he will label it as reimbursement under loan from member and himself as the payee? Is this correct? 2. When he invoices the company for supplies, he is the payee again. So when I click on his name under the Vendor section all his reimbursements and invoices (as Vendor) are in this section, is this correct? Should the company he bought the supplies from be the “payee”. for example he will buy a ladder from Home Depot with his personal debit card. Then he will transfer the amount for the ladder form the company account to his personal account to reimburse him and mark himself as the payee. Does he have the labeling correct? Please forgive me if I did not explain this correctly.' available: Yes (Solved).
Source: Intuit Community forum.

Ok, Kinda stuck here. Our company is an LLC with one owner. The owner is also a vendor as he will issue the company an invoice for supplies. My question is, how do I label all the different transactions? 1. Owner will pay for supplies with his own card/cash, then transfer from company checking to personal account then when it updates in In QB he will label it as reimbursement under loan from member and himself as the payee? Is this correct? 2. When he invoices the company for supplies, he is the payee again. So when I click on his name under the Vendor section all his reimbursements and invoices (as Vendor) are in this section, is this correct? Should the company he bought the supplies from be the “payee”. for example he will buy a ladder from Home Depot with his personal debit card. Then he will transfer the amount for the ladder form the company account to his personal account to reimburse him and mark himself as the payee. Does he have the labeling correct? Please forgive me if I did not explain this correctly.: 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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