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Refund Expenses

LanskiLanski Member Posts: 2

Hi all!
I'm starting a business and I want to buy a Phone and maybe a laptop for it, but I have no revenue yet... how could I mark this so then I can pay with my own cash and then get refunded?
I know, pretty basic stuff, but like everything in setting up a business, it's learning by doing!
Cheers!
Pol

in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @Lanski . First off, congrats on your new business!

    In regards to recording this, you'll want to mark it in your Transactions page with the account as Owner Investment/Drawings (with the appropriate expense categorization). When you pay the money back, you'll want to create another transaction with the account being where the money is coming from (business account at this point I'd assume) and the categorization would be owner investment/drawing once again. This should accurately show money moving into your business and then out of it.

  • LanskiLanski Member Posts: 2

    Hi @alexlewiszarkos !
    Thanks a bunch. That's super helpful :)

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