Loading Profile...
Payments to credit card from personal bank account
I have a couple of payments to my business credit card made from my personal bank account. How can I explain these, I haven't added my personal account to FA so I can't use 'transfer from another account'. 'Out of pocket expense' doesn't seem right, could I use 'capital introduced' What is the best way to deal with this?
Many thanks
Many thanks
I’m ready to go home
1
person has this question
I have this question, too!
Tell me when someone answers.
The more people who ask this question, the more it gets noticed.
The more people who ask this question, the more it gets noticed.
The company marked this question as answered.
-
-
Inappropriate?Use a journal entry for each payment:
Debit Business credit card
Credit Capital introduced
Let me know if you have any problems -
Inappropriate?Many thanks for the reply Stuart, I'm fairly new to this and haven't used journal entries before. Before going near the journal do I need to explain the payment to the credit card as capital introduced?
Thanks -
Inappropriate?It's always been best practice to have explanations with all journals. If I was doing the journal my explanation would be
"Adjustment for payment to credit card made from private account!
I’m excited by journals!
-
Inappropriate?Journals are used for double-entry accounting? I think this is a little beyond me at the moment.
Thanks for the help.
-
Inappropriate?Stuart - thanks for the help re journals but I think there's probably an easier way of doing this that us mere mortals can understand ;->
rf9 (sorry to be slow in getting to responding) - if you're a sole trader (is that right?) then you can just explain the Money In to the business credit card as - indeed - Money Received from User > Capital Introduced.
If you're a limited company, you may wish to use Payment to Director Loan Account...
1 person says
this answers the question
-
EMPLOYEE
