QB Issue Resolution:
My answer is No.
The issue of LLC means that the partners are only reimbursed if the LLC documents provide for this, and the IRS is monitoring this as one of their Hot Button issues.
“and used my personal credit card to register our company vehicles.”
Then, you paid personally. If you are entitled to be reimbursed, submit for this. That card is your Personal Debt, and you formed an LLC for protection. Putting the LLC expenses on Personal Card bypasses the entire reason your formed that Entity.
“This credit card has never been used up to this point and will be exclusively used for business expenses.”
Get the LLC its own card.
If you rack up tons of debt on that card, and the LLC goes broke, you are Personally Responsible to pay, anyway.
“Absolutely no personal expenses will be charged to this card.”
That is Backwards. Whether you pay by your personal card, cash, checking or chickens, the reality is “Partner Paid for the business expense, and paid personally.”
“Can I set this up like a business credit card in Quickbooks given these factors? If not, I know that I would debit the expense and credit owner’s equity to record the transaction.”
No, that is not correct. If you want the LLC to repay you, you write a check to you, listing what you are being reimbursed for. If they cannot pay you, then you can set up a Credit Card Type account and name it “owed to Partner 1.” Use it to make the entries for what you paid for personally, no matter how you paid for it, and their repayments to you reduce this running debt balance.
“What would the transaction be when I pay the credit card bill from the business checking”
The LLC pays You. You pay the Card Provider.
You formed an LLC for a reason. Why bypass that, now, with Commingling? Talk to your own CPA and lawyer.
Resolution for Issue 'Personal credit card used exclusively for business expenses' available: Yes (Solved).
Source: Intuit Community forum.
Personal credit card used exclusively for business expenses: 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.Support for Backwards
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