How to reimburse myself for purchases made by personal money

1

Hi Guys,

I recently started a small business, me and my partner as in partnership.

We invest $6k after we took over the business to buy tools and relevant equipment. I purchased a $20k vehicle for business use by using my own money.

Just wondering, as the business is starting to make money, can I reimburse $23k back to myself? I have been using expense claims to record the purchases. When I transfer money from business account to myself. How do I record it? Also, is this a drawing, as in salary, or it is company paying me back.

Thanks

2

Yes

Under which group was the Expense Claim Payer listed - Member or Expense Claim Payers.
Or, which account did the Expense Claim end up - Partners Capital sub-account or Expense Claims.

If Partners Capital sub-account then use drawings, otherwise the Expense Claims account if it has a balance.

Spend Money and select the appropriate account.

3

@cuidia, this is essentially the same question you asked me by personal message, which I just made public and answered.