Taneisha and Joel, One way to track this would be to setup a dummy bank account for your personal bank account for the business and a dummy liability account for your personal credit card within your Gnucash accounts for the business. Keep these separate from the GnuCash account corresponding to your actual business bank account and credit card when you do set these up.
When you make a purchase for your business on your personal credit card for $x, you make a four split transaction as follows: Asset:Bank Personal Db $x Equity:Owner's Contribution's Cr $x Liability: Credit Card Personal Cr $x Expense:as appropriate Db $x When you pay your credit card from your personal Bank account if $y is the total of all purchases for the business Asset: Bank Personal Cr $y liability:Credit Card Personal Db $y The total $y should be equal to the sum of all the $x amounts you made on individual purchases so that at the end of a period when you have paid off the credit card the net balance in Asset:Bank Personal goes to 0 and your purchases have been recorded as contributions to equity of the business. If the purchase was a capital purchase for the business then instead of an expense account you would debit an asset account corresponding to the capital item. I recorded my personal contributions to my business this way when starting a business many years ago and my accountant was quite happy but that isn't necessarily a recommendation, as he was the reason I ended up doing a master's degree in accounting. When you have your business accounts setu,p you create new asset and liability accounts for them. At that point you can hide (not delete) the dummy accounts for your personal bank account and credit card. David Cousens On Tue, 2023-01-24 at 19:18 +0000, Joel via gnucash-user wrote: > Hello Gnucash, We are trying to figure out how to enter into gnucash the > initial expenses or startup cost for the business we have been putting on our > personal credit card to start this new business. > Thank you in advance for your help. > Taneshia and Joel > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
