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Business Expenses using Personal accounts (NOT to be reimbursed)

embersmithllcembersmithllc Member Posts: 4

Hello All, I operate my LLC as a sole proprietorship. I have some expenses that have occured over the past year that were paid for using my personal credit card. I'm not currently pulling any equity out of the business accounts, so I don't actually want to reimburse these expenses, but rather treat them as additional investment into the business. What is the best way to track this in my accounting and on Wave?

-Thanks
Curtis

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in Accounting Technical Support

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    MikegMikeg Member Posts: 995 ✭✭✭

    Curtis,
    You would do a journal entry to debit the expenses (type of expense paid) and credit owners equity.
    Mike G, CPA

    edited March 29, 2019
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    embersmithllcembersmithllc Member Posts: 4

    Hi Mike,

    Would it get credited to the owners equity or would it fall under "Business Owner Contribution and drawing"?

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    MikegMikeg Member Posts: 995 ✭✭✭

    Business owner contributions. If you need help with taxes, I work remotely throughout the US.

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