How to Record Business Expenses: Paying with Owner Funds | QuickBooks Online US Tutorial 2018

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In this QuickBooks Online US tutorial you’ll learn how to record business expenses paid with owner funds along with:
– Learn about and set up equity accounts to track owner contributions
– Record a purchase the owner makes for the business
– Enter a deposit that the owner is making to the business’ bank account

Watch more Quickbooks Online step-by-step tutorials to learn all the QuickBooks tips and tricks for the United States:
https://www.youtube.com/playlist?list=PLVxBmyedTVhSzh72-CSa-ZKhYB82pXkEM

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Comments

4e Winery says:

Thank you so much for this. I have been using Journal Entries to accomplish this, knowing that this isn't the best practice. Now I can change to this method for the new year.

Sandy Vaniglia says:

Thank you. Big help!!

Hugo Rojas says:

Hello. Please, do a video about paying a business CC with owner funds, and other video about transfers to and from a personal checking account

S Sawchyn says:

I'm in canada and we have a sales tax. How do you keep track of the sales tax on expenses? I get a negative balance every time I enter owner's contribution this way. Any tips? Thank you

GalactiNaut says:

Can you do this with startup costs, like LLC fees for example?

Todd's Live Music Reviews says:

This is the definitive guide here. Look no further.

Irina and Joshua Javaheri says:

Can you explain why the equity account is going up $500 even though there is a negative sign there? I am just confused on the logic here.

Mike Snow says:

This was a very helpful Video! How would you go about reimbursing the owner?

marjorlie lambayan says:

after this transaction, can you show me how to pay the creditcard to clear owner's contribution?

Anthony Beckman says:

Very helpful. Thank you

K Rooker says:

This is the explanation that I was looking for. Great video and presentation. Would you have a video that shows how to pay back that owner's contribution from business funds in QBO? Thank you.

Fred Osei Agyeman-Duah says:

Instead of recording the transaction with the steps you’ve shown in the video, can you also decide to use a journal entry for the same transaction by ‘debiting the expense’ paid for by the owner and ‘crediting the Equity’ which will be the Owner’s Contribution account in this situation.

Doron Geyer says:

Would it not be more correct to create a short-term loan account under the owners name?

so I pay expense $600 for electricity ( Dr) I then increase the short term loan account( CR) by $600
this way my loan account increases at the same time as the expenses are paid.

When I want to reimburse myself it would then be a straightforward payment out of bank account ( Dr) to reduce the short term loan ( Cr)

Neelam Desai says:

This was exactly what I needed!!!!

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