Paid a personal bill using my company credit card, how to record this?

Question

I accidentally paid a personal bill using my corporate Visa card. How do I record this and how do I reimburse for this? Thanks

C White · Accepted Answer

You could set yourself up as a customer. Record an invoice to yourself for the entire amount of the credit card charge (do not split out any GST or other refundable tax, as this was not a business purchase), and do not charge yourself GST. The general ledger account for the 'sale' should be your Visa payable account. This will (a) credit the Visa payable account for the amount you owe the corporation, and (b) set up a receivable. 
 When you pay the corporation back, record your payment as an ordinary sales receipt.

Sage 50 Canada

Paid a personal bill using my company credit card, how to record this?

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