Return a business expense paid on my personal credit card.

Question

Hi folks, I'm new here.

I would like to know how to track my business expenses that have been paid via my personal credit card. Often when I am making a purchase from a large department store, a few of the items may be for my business.  Is there a way that Quicken Classic Business & Personal can track how much my business needs to pay me back?

Thanks for helping me with this.

Indebele.

volvogirl · Answer

Do you use Tags for anything?  I would add a tag on the credit card transactions like "business exp".  Then you can run a report on just the credit card account and tag.  How are you paying it back from the business?  Do you have a business bank account?  Then when you pay yourself back put that tag on that transaction too.

BUT, if you are filing the business on schedule C in your personal tax return it is a disregarded entity and the net profit or loss is yours personally.  So you don't really have to track how you paid the expenses.

splasher · Answer

Make the transaction from the department store a split and apply the appropriate category and tag to the amount(s) that are business related.