Personal expenses on Business credit card

Contributing Cover User tbutl59
8 Posts
Contributing Cover User
Contributing Cover User

8Posts

1Kudos

0Solutions

Solved: Go to Solution

Personal expenses on Business credit card

Hi,

 

My personal credit card was hacked and the account closed.

 

As a result, I used my business (sole trader) credit card for a month's worth of purchases and paid off the balance in full using my personal funds.

 

What would be the best way to account for the transactions on the credit card and which GST codes would I use as they expenses were not business related?

 

I have attached a screen shot of the entry in MYOB.

 

Thanks,

Tracy

Personal expense entry to credit card.JPG
2 REPLIES 2
Ultimate Partner GDay53
2,423 Posts
Ultimate Partner
Australia
Ultimate Partner

2,423Posts

2,230Kudos

0Solutions

Accepted Solution Solved

Re: Personal expenses on Business credit card

@tbutl59 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

The transaction looks fine- all personal enpenses need to allocated to the drawings account.

If you are paying the business back the the transaction would be reversed - paid into the mastercard from the drawings account.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Contributing Cover User tbutl59
8 Posts
Contributing Cover User
Contributing Cover User

8Posts

1Kudos

0Solutions

Re: Personal expenses on Business credit card

Thanks so much. I'm glad I was on the right track but thanks for the information about receipting payment from personal funds. 

 

I am now all done thanks to you.

 

Tracy

Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post