Scenario: A vendor named Kent Myers works for ABC Rental Business and is charged 100 dollars. In MiPropertyPortal, I logged the item as a bill and paid the vendor with my credit card. Then, my card was paid from my business Line of Credit. Then, Busiens’ default bank account(debit) paid the business line of credit.

Here’s a step-by-step guide on how to do this:

1. Log the Vendor Bill

• Go to Accounting > Bill
• Action: Create a new bill for Kent Myers.
  • Vendor: Kent Myers
  • Amount: $100
  • Expense Category: (Choose the appropriate category, e.g., “Repairs and Maintenance”)
  • Description: (Add a description of the service or item)
• Save: Record the bill.

2. Log the Payment of the Bill using Personal Credit Card

• Go to Accounting > Bill
• Action: Record Payment
  • Select the bill created for Kent Myers.
  • Payment Method: Credit Card (Personal)
  • Credit Card: Select or add “Personal Credit Card”
  • Amount: $100
• Save: Record the payment.

3. Reimburse Personal Credit Card from Business Line of Credit

• Go to Accounting > Banking > Bank Transfers
• Action: Transfer from Business Line of Credit to Personal Credit Card.
  • From Account: Business Line of Credit
  • To Account: Personal Credit Card
  • Amount: $100
  • Description: Reimbursement for Kent Myers payment
• Save: Record the transfer.

4. Repay Business Line of Credit from Business Default Bank Account

• Go to Accounting > Banking  > Bank Transfers
• Action: Transfer from Business Default Bank Account to Business Line of Credit.
  • From Account: Business Default Bank Account
  • To Account: Business Line of Credit
  • Amount: $100
  • Description: Repayment of Business Line of Credit
• Save: Record the transfer.

Summary of Accounting Entries:

1. Vendor Bill:
   • Debit: Repairs and Maintenance (or relevant category) $100
   • Credit: Accounts Payable $100
2. Payment from Personal Credit Card:
   • Debit: Accounts Payable $100
   • Credit: Personal Credit Card $100
3. Reimbursement from Business Line of Credit:
   • Debit: Personal Credit Card $100
   • Credit: Business Line of Credit $100
4. Repayment from Business Default Bank Account:
   • Debit: Business Line of Credit $100
   • Credit: Business Default Bank Account $100

This flow ensures that all transactions are correctly recorded and your business accounts accurately reflect the financial movements.