How to account for a business expense paid for with a personal checking account?
A bill was created in Zoho Books for an invoice we received for marketing materials (appx. $1000). Then, the invoice was paid by accident using a personal checking account instead of the business checking account. The personal checking account is not at all linked with Zoho Books. How do I go about recording this transaction properly in Zoho Books?
Here is what I did, but I don't know if it's correct:
I marked the bill as paid and recorded the payment source as the "Owner's Equity" account. The expense shows as a debit in the account it was coded to (Advertising and Marketing) and then also shows as a credit in the "Owner's Equity" account.
Is what I did correct or totally wrong?Any and all guidance is appreciated!
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