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Looking to see how to record purchases made on my personal

Customer Question
AMX card for my business...
Looking to see how to record purchases made on my personal AMX card for my business for which I have not made a transfer from my business account to reimburse myself the expenses. I am treating them as Owner's Equity Inflows. My cash flow is showing some negative numbers which is screwing the cash flow statement up and confusing my tax guy. for example $900 in office furniture purchases to set up my office shows at $65 in the cashflow statement
JA: A combination of financial issues and software stuff sounds like a recipe for needing our Expert. You are in the right place. Is there anything else important you think the Financial Software Technician should know?
Customer: I am using the newest version of Quicken
Submitted: 1 year ago.Category: Financial Software
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Customer reply replied 1 year ago
I have attached what I have created in Quicken for my cash flow for 2015 - the negative numbers are coming from my attempt to document both assets I am placing into the business (professional library @$6000+ for example) and credit card purchases on my personal card for which I have reimbursed myself for the business expense. Hope this help.
Customer reply replied 1 year ago
This is caused in part - because I can't find how I am suppose to show Owner's Equity Inflows into my business in Quicken 2016 Home and Business.
Answered in 12 minutes by:
10/2/2016
Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago
Karen Joinson
Karen Joinson, Client Support & Accountant - 15+ years
Category: Financial Software
Satisfied Customers: 66
Experience: BS Accounting & Computer Science, QB Certified ProAdvisor
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Welcome to JustAnswer! My name is ***** ***** I am reviewing your question now. I will respond shortly!

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Customer reply replied 1 year ago
Thanks- Ihope the information provided helps - I have not had anyone to setup my accounts etc. when I started with Quicken for my business accounting needs.
Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

Happy to help! Here are the steps Quicken recommends for recording reimbursable transactions:

(NOTE: Review the steps please and let me know if you have questions or would like to setup a premium service phone call).

Add an account to track reimbursable expenses

If you make a lot of reimbursable work-related expenses, you can track them in a Quicken cash account.

To add an account:

  1. At the bottom of the Account Bar, click Add an Account.
  2. Click Cash and then follow the on-screen instructions. Click Help for more information.
  3. Enter a meaningful name for the account, such as Reimbursables.
  4. When you get to the starting date and opening balance dialog, enter today's date and the amount of outstanding reimbursable expenses. Quicken will display this as a positive amount in the Reimbursable account's register. If you're not currently owed any money, enter zero.

Recording reimbursable expenses

In the future, follow this procedure when you record reimbursable expenses in your checking or credit card account:

  1. In the checking or credit card account where you make the expense, record the transaction in the account register, as usual. This is an expense transaction.
    • Tell me more

      This transaction should reduce the balance of the checking account.

  2. In the Category field, instead of assigning a category to the transaction, click the Transfers tab on the left of the Category List and choose the reimbursable account you added.

Recording a reimbursement

In the future, follow this procedure when you record the reimbursement:

  1. In the account where you receive the reimbursement, record the transaction in the account register, as usual. This is a deposit transaction.
    • Tell me more

      This transaction should increase the balance of the checking account.

  2. In the Category field, instead of assigning a category to the transaction, click the Transfers tab in the Category List and choose the reimbursable account you added.

When you've received reimbursements for all your outstanding expenses, the balance of the Reimbursement account will be zero.

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Customer reply replied 1 year ago
rather than show them in an account for my AMX card when I import by records from them....I should "transfer" those costs to the "cash" account? Does that then show added equity I have placed into the company?
How does that change/effect the cash flow statement I uploaded for your review? And what does that do for assets brought into the company such as computers and furniture? Right now those are in an account labeled: Property& Debits-Assets Buisness
Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

There are reimbursable expenses to you only. If you purchase furniture and fixtures for the company on your AMEX card, you would not reimburse yourself correct?

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Customer reply replied 1 year ago
Correct - but I have bought an asset for the company - so how do I move what shows as an expense in my AMX account to an asset? And remove the negative numbers in my cash flow statement?
Customer reply replied 1 year ago
Any ideas?
Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

Yes, sorry, one sec I have two calls at the same time.

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Customer reply replied 1 year ago
39;k
Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

I apologize for the delay. I am going to opt out so I can get a quicker answer.

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Customer reply replied 1 year ago
Sorry- this is my first time using this service. By opt out - does that mean your moving on? And someone else may followup with me?
Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

Yes, someone else will follow up

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Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

Ok, I see your ticket is still open. I apologize for the delay. I wanted to pick up and respond again if that is ok with you?

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Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

FYI - for assets purchased with a credit card, you should have an account setup for Business Property and instead of selecting a business expense, transfer the transaction to the property account. These transaction should not appear in statement of cash flow.

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Tech Support Rep: Karen Joinson, Client Support & Accountant - 15+ years replied 1 year ago

Let me know if you want to discuss further. We can setup a phone call and I can show you my quicken setup if this will help. I do apologize for the delay.

Karen

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