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Personal Funds Business Expense / Job Expense Recording

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SL20
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Personal Funds Business Expense / Job Expense Recording

The owner has personally paid for a couple of business expenses out of this own pocket. Bank Feeds are not up and running as yet (new user), so the transactions need to be entered manually. 

 

Some of these business expenses the owner paid for are for a specific job. I need to record the expense toward the jobs "Cost of Sales" but also record the expense as "Owners Funds Introduced"

 

Please advise how to correctly enter / code this.

 

I come from using Quickbooks Online, there you would enter the transaction and allocate the cost to the project, and then create another transaction line with the same amount but in a negative value and code this as Owners Equity. 

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jenniek
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Re: Personal Funds Business Expense / Job Expense Recording

Hi @SL20 

Creat a bank account called "Paid from personal funds" - then the accountant can transfer this to the capital introduced at year end.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
SL20
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Re: Personal Funds Business Expense / Job Expense Recording

Hi Jennie

 

Thank you for your response. Would this "Paid from personal funds" Bank Account be set up as Asset, Equity or Liability?

Steven_M
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Re: Personal Funds Business Expense / Job Expense Recording

Hi @SL20 

 

Judging by the wording @jenniek  has used i.e. bank account, you probably want to set that up as an Asset account with the account type being Bank. However, it is probably a question you do want to confirm with your accounting advisor.

Kind regards,
Steven

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