Private Credit Card used for business purchase

[mikecb]

Hi all,

First off, I know using a private credit for a business purchase is not a good idea (I won’t be doing it in the future). Having made this error, how do I record this purchase in Quickfile?

Any advice, gratefully received.

Cheers,

M

[ian_roberts]

Record the purchase as normal but log it as having been paid from the drawings (if self-employed) or director’s loan (if ltd co) account instead of the business current account.

If/when you choose to “pay yourself back”, that transaction is just a bank transfer from the current account to drawings/DL.