@SRGN wrote:
A customer paid for services rendered using a cheque made out to owner instead of company. Owner deposited in personal account and used to pay down expenses owed. How do I correctly book the payment of the invoice and the payment of the expenses?
Assuming the company is not taxed as an ltd company
use receive deposits, select the invoice and enter the amount
use make deposit, select that payment, then'
on the next line select owner equity drawing, and enter the amount as a negative number, save the zero dollar deposit.
IF, if the company is taxed as an ltd company, you do the same thing, but use a director/shareholder liability account instead of the equity account.
