Very confused about how to track personal payments for business
Here is the situation:
I sync to Quickbooks.
I have some business expenses that I paid for out of pocket in the early months of my business. Some of these are for reimbursement and some are not, but I would like to track and report all of them for accounting and tax purposes. I have these expenses mixed in with other expenses in Expensify.
It seems logical that the simplest approach would be to submit all of these as normal expenses and reimburse the reimbursable ones through normal means (ie, using the check feature in Quickbooks in conjunction with Expensify's reimbursement functions).
I run into problems with the non-reimbursable expenses.
Someone at Quickbooks told me to follow this procedure for tracking and reimbursing myself for personal purchases: https://community.intuit.com/articles/1145751-pay-for-business-expenses-with-personal-funds and it makes a lot of sense.
I'm thinking maybe I should be keeping these expenses on a separate report in Expensify, since submitting them amongst normal expenses gets confusing and all I need is to keep the receipts for personal accounting purposes.
Thoughts on creating a separate report for these? Maybe one per year?
Is this a good approach? Any other ideas?