Buying stuff with personal money

[Jon12345]

Let us assume you have paid about £5,000 using your own personal credit card, in various purchases over the year, but each item is for a business item. How do you account for this in Quickbooks? I have a Company Owes Me account if that helps.

Thanks,

Jon

 

[Philip Hoyle]

Best way is to set up a new BANK account and call it directors loan account. They you can use that new bank account to pay bills, etc as normal - remember to use the real date of payment (i.e. the date you paid the bill, not the date the company pays you back). The balance on the bank account is what the company owes you - the company can then do a BANK TRANSFER from company bank account to directors loan bank account whenever it pays you back.

 

[Jon12345]

Well, its a bit late for that because I am talking about editing some recent transactions my administrator added but did all wrong. So I am trying to establish the correct way to account for stuff paid by my personal credit card but for business items.

 

[PS Business Solutions]

Well, its a bit late for that because I am talking about editing some recent transactions my administrator added but did all wrong. So I am trying to establish the correct way to account for stuff paid by my personal credit card but for business items.

If you explain what your administrator did, we can tell you how to put it right

Another way is to Dr the expense code for the items (i.e printing, stationery etc) and Cr Directors Loan in current liabilities (or drawings/owner investment if you are not Limited)

 

[Alice3537]

Forget that - reread the OP!!

TO the OP, is this definitely a Ltd company?