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Not sure how to reconcile!

Posted by KR 
KR
Not sure how to reconcile!
April 08, 2014 11:27PM
I am a new business owner. I paid for some expenses out of pocket before opening up my business account at the bank. I am now in the process of getting my Quickbook set up. How should I report these debits without causing a big mess?

Thanks!
Re: Not sure how to reconcile!
April 09, 2014 01:04AM
Create a Bank Account called "Petty Cash". Put all those expense paid out of that bank called petty cash.
Re: Not sure how to reconcile!
April 20, 2014 11:01PM
Expenses Account
A/P
To record all expenses you paid before you set up Quickbook, when QB is ready you record the same like above and it is ready to be pay when you want.
you could also create a journal entry with a credit lump amt to a new account (liability) called 'Owed to KR' and then debit the expenses to the appropriate expense accounts. You say that you are new at this, I wanted to be sure that you know that you should never mix personal and business expenses. Get separate bank, debit and CC accounts to keep things segregated and clear.
Good Luck
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