How can I document money taken out of personal checking to pay for some initial expenses?

Once you have transferred money from your personal to business checking account, this is how you will need to record the deposit in QuickBooks Online Essentials (or QuickBooks Online Plus).

•Click “Plus” icon menu
•Select Bank Deposit from “Other” menu
•Choose the correct bank account (if you have more bank accounts)
•Select correct date of deposit
•Received From = Jimmy Smith (example only) > Add New as “Vendor” if needed (slightly different name if already setup as employee)
•Account = Loan Payable to Jimmy Smith (example only) > Add New > Category Type > Other Current Liabilities > Loan Payable > Change Name to Loan Payable to Jimmy Smith > Leave Balance “Blank” > Save
•Description = Temporary loan to the company, to be repaid within 60 days (for example)
•Payment Method = Direct Deposit/Check/Cash??
•Ref No = Bank deposit reference number if available
•Amount = exact deposit amount (say $5,000 for this example)
•Save and Close

Loan repayment to Jimmy Smith
•GO to Vendors
•Select Expense (if bank transfer) > select Check if issued check
•Select Jimmy Smith (Vendor)
•Account = Loan Payable to Jimmy Smith
•Description = Repayment of loan with borrowed date
•Amount = $5,000.00 (if full re-payment)

Those two entries should document borrowed money for business as well as repayment. And, the account should reflect zero balance when d