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Expenses paid with personal account not accounted in business transactions

velvetinkmediavelvetinkmedia Member Posts: 3

Hi, I have followed the instructions in this article to adjust both accounts for the business expense. I have debited the appropriate expense account, however, when I go to Transactions and pull up that Category, there's no record of expense there.
Eg, I paid for lunch with a client using my personal account. I recorded the expense in my personal account as Owner Investment/Drawing. Then recorded the journal transaction as debit to Meals and Entertainment and credit to Owner Investment/Drawing. But there's no expense transaction Meals and Intertainment category.

Am I missing something? Thank you

in Accounting Technical Support

Comments

  • JamieDJamieD Administrator Posts: 1,156 admin

    Hey @velvetinkmedia! It sounds like you've done all steps correctly except for one minor part. You had mentioned "Then recorded the journal transaction as debit to Meals and Entertainment and credit to Owner Investment/Drawing." This part of the transaction should have been recorded in your business account for it to show up as an expense transaction under Meals & Entertainment (you will notice it does this once it's been properly categorized). If this still does not resolve the issue, please reply back to this thread and we would be happy to further investigate!

  • velvetinkmediavelvetinkmedia Member Posts: 3

    Thank for your response. I recorded the transaction in the business account under Journal Transactions as was stated in the instructions.

    So if that's not how it should be recorded, are the instructions wrong?

  • velvetinkmediavelvetinkmedia Member Posts: 3

    Hi, can someone help please?

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