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S
suz62
March 18, 2020
Question

Where do I input capital contributions?

  • March 18, 2020
  • 1 reply
  • 3 views
No text available

1 reply

Michael K
Michael K
Level 4
March 18, 2020

Hey there, @suz62.

 

Happy to help out. If you'd like to track capital contributions or investments in QuickBooks Online, you'll need to setup an equity account. I've outlined this process for you below. You'll be a pro in no time.

 

  1. Go to Settings ⚙, then Chart of Accounts.
  2. Hit New.
  3. From the Account Type drop-down, choose Equity.
  4. In the Detail Type drop-down, pick Owner's Equity or Partner's Equity depending on your situation.
  5. Save and close.

 

Now you can start recording investments using this account.

 

Let me know if you have any other questions. I'm here as your number one resource for QuickBooks Online.

 

A
anders8820
March 23, 2020

Hello Michael,

 

Your comment regarding capital gains/owener's equity with regard to the Chart of Acconts was very helpful.  I am now faced withe the Turbotax delima.  Turbotax asks what the account is used for and provides a dropdown list to choose the item that matches.  This is where I encounter my problem.  I do not recognize a category that maps to capital investment or owner's equity.  I believe assigning a tax line map in Quickbooks might resolve this issue, but what tax line map item do I choose.

The company is an S Corp.

No sales or generated income

All money to operate the business is from me as capital contributions.  All money (contributions) are used to pay for internet, telephone, turbotax business, and of course office expenses like paper, ink etc.  The business operates out of my home.

 

Larry

 

Ashley H
Ashley H
Level 4
March 23, 2020

Thanks for joining the thread, @anders8820.

 

I recommend reaching out to your accountant for advice on how to map your account. They can further assist you on this topic and have tools that can help you through the process. 

 

If you have any other questions about QuickBooks Online, don't hesitate and reach back out! I'm here if you need me. Have a beautiful day.

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