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hrguru206
hrguru206, Consultant
Category: General
Satisfied Customers: 952
Experience:  Human Resources Professional, Bachelor of Science in Business Administration from the University of Central Florida
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I am doing bookkeeping at a small business and my boss frequently

Customer Question

I am doing bookkeeping at a small business and my boss frequently intermingles business and personal expenses on the same cards. What is the easiest way to deal with this?
Submitted: 2 years ago.
Category: General
Expert:  hrguru206 replied 2 years ago.

hrguru206 :

Hello and welcome to Just Answer. I have experienced this issue first hand and this is how it was handled at my company. First of all just to clarify... In your situation the boss/owner is asking is agreeing that the expenses are personal. Is the boss/owner specifically asking you to pay the entire bill out of the company bank account? If so then you have a couple of options. Yes, you can debit the Owners Equity, you can also have the owner write a personal check back to the company to cover the personal expenses.

hrguru206 :

If you found my answer helpful please select the green ACCEPT button as this is the only way I am compensated for my time. I am happy to answer any additonal questions you may have.

Customer:

Yes, my boss agrees that some expenses are personal, she is not trying to pass them off as business. We have both a debit card and a credit card to work with, and in the case of the credit card, she pays some of it out of pocket, and some of it she transfers from the company checking account. This way, it's easier for me because I debit all her personal expenses to owner's equity, and then when she pays in, i can credit the whole amount to owner's equity. Does this sound appropriate?

hrguru206 :

Yes, this sounds perfectly acceptable.

hrguru206, Consultant
Category: General
Satisfied Customers: 952
Experience: Human Resources Professional, Bachelor of Science in Business Administration from the University of Central Florida
hrguru206 and 124 other General Specialists are ready to help you
Customer: replied 2 years ago.
Thank you!
Customer: replied 2 years ago.
Also, the company debit card was compromised and had a number of fraudulent charges applied to it, which were later credited back by the bank. How should I record this?
Expert:  hrguru206 replied 2 years ago.

Where did you originally apply the charges to a specific account?

Customer: replied 2 years ago.
Well, that's part of what I need to know. Where should I record those charges in the first place?
Expert:  hrguru206 replied 2 years ago.

You should have a drop down that states "other charges" in the item list under the list menu. This is where I would list it as it does not relate to an actual business expense. I am meeting with a colleague of mine tomorrow evening and will attempt to confirm the information and obtain additional details for you.

Customer: replied 2 years ago.
Thank you, I should clarify that I am using Quickbooks Online, so I don't think it has the same format as other versions. What type of account would this "other charges" be - still an expense account, or no?
Expert:  hrguru206 replied 2 years ago.
It would still be the an expense account. you would credit the account and then debit the same account when the charges were reversed. I believe a coworker had a similar experience and she is an advanced Quickbook user and have used the online version. I will obtain additional information for you. I want to ensure you have all the details.

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