[GNC] How to create Expense Report to Business from Personal Acct?

[Fran_3]

 Thank you David. Perfect answer.
Fran3

    On Sunday, October 20, 2019, 11:45:00 PM EDT, David Cousens <davidcousens at bigpond.com> wrote:  
 
 In the personal accounts if you have expended money on items for the business
it creates a Liability for the business  and in your personal accounts by
expending money from your bank you are creating an asset.  You would record
a purchase as follows

Personal


Asset:PersonalBankAccount      Cr  xxx
Asset:Reimbursable                Dr  xxx

in the Business account, the purchase would appear as

Liability:Reimbursements        Cr xxx
Expenses:...                          Dr xxx

When you transfer money from your business bank account to your personal
bank account to 
reimburse yourself  in the Buisness accounts it appears as

Asset: BusinessBankAccount            Cr xxx
Liability:Reimbursements                Dr xxx  


and in your personal accounts

Asset:PersonalBankAccount          Db  xxx
Asset:Reimbursable                    Cr  xxx

You would put notes in the description and/or memo  section in each  to make
it clear that it was a purchase of an item for the business from your
personal account in the first case and reimbursement of that in the second
to keep the tax man happy. (The reverse if you expend business funds on a
personal item.)

David Cousens  






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David Cousens
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