how to categorize a transaction made in error?

pdxmaven

By mistake, I charged something with my business debit card that should have been charged using my personal credit card. I would like to make a category in my business categories for these errors. Ii would call it "paid in error" or something like that.
But seems Quicken will only let me add categories in my business for categories that line up with Schedule C tax line items? So how to categorize an item like this? Maybe I need to repay my business from my personal account when I make an error like this, to make all the totals "jive"?

volvogirl

Just categorize it to the right personal category.  Same if you use your personal credit card to pay for a business item.  Just enter a business category on it.  That's what I do. For schedule C it doesn't matter how you pay an expenses like from which account.  It's all your money in the first place.  Self employment on schedule C is a disregarded entity and it's all yours personally.  Maybe someone else will have a different way to handle it. 

Tom Young

"I would like to make a category in my business categories for these errors. Ii would call it "paid in error" or something like that."

Volvogirl has the correct answer here.  If you bought something "personal" with your "business" credit card, simply enter the transaction properly:

Debit (increase) Some "personal" expense Category      $XXX
Credit (increase) "Business" Credit Card Account           $XXX

and you're done, you've accounted for the transaction correctly.  Just because you made the purchase with your business credit card doesn't automatically make the transaction a business transaction, and there's no need at all to somehow "swing" that transaction through your business Categories. 

volvogirl

Just categorize it to the right personal category.  Same if you use your personal credit card to pay for a business item.  Just enter a business category on it.  That's what I do. For schedule C it doesn't matter how you pay an expenses like from which account.  It's all your money in the first place.  Self employment on schedule C is a disregarded entity and it's all yours personally.  Maybe someone else will have a different way to handle it. 

Tom Young

"I would like to make a category in my business categories for these errors. Ii would call it "paid in error" or something like that."

Volvogirl has the correct answer here.  If you bought something "personal" with your "business" credit card, simply enter the transaction properly:

Debit (increase) Some "personal" expense Category      $XXX
Credit (increase) "Business" Credit Card Account           $XXX

and you're done, you've accounted for the transaction correctly.  Just because you made the purchase with your business credit card doesn't automatically make the transaction a business transaction, and there's no need at all to somehow "swing" that transaction through your business Categories.