Thanks for the video. I want to pay my husband back from the business for equipment he bought on our personal credit card. This seem easy enough to create a bill and then write the check. BUT....Why couldn't you just write a check to him and assign category as equipment and attach the receipt?
Owner paid for company expense from his Personal Credit Card. Invoice Amount is AED 1000 and bank charge 5% as credit card charges. How will you record in your books?
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Thanks, Matt! What if the owner does not want to be re-imbursed? Do you just increase owner equity?
Yep you can do that
Thanks for the video. I want to pay my husband back from the business for equipment he bought on our personal credit card. This seem easy enough to create a bill and then write the check. BUT....Why couldn't you just write a check to him and assign category as equipment and attach the receipt?
You can do that too!
When setting up this account, what would be the tax-line mapping assignment?
You can write a reimbursement check to yourself and post the expense to the correct chart of accounts.
That’s correct!
Thank you!!
You’re welcome!
I don't have "due to owner" in my chart of accounts, can I use the Short term loan or set up a due to owner.
Just set it up as a new account
Couldn’t you put it under capital contribution and then removed it at a later date when there is money to do so?
Yep you could do that
How would one record the taxes when doing the JE way?
What if the owner is an s-corporation. Would it use the owners equity account if unable to reimburse?
Yep you can do that. And in theory it could still get reimbursed
Owner paid for company expense from his Personal Credit Card. Invoice Amount
is AED 1000 and bank charge 5% as credit card charges. How will you record in
your books?
Record as bill payable to the owner for the amount and the expense as appropriate
@@QbuniversityOrg appropriate??
@@thechaser9466whatever the expense was that they spent the money on