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MarkA
Level 1

Owners Equity

Hi All, 

 

Upon reading various discussions I've set up an Owner's Equity Account including Investment and Drawing Accounts as on occasion I've taken money out of my business and then at a later stage deposited it back into the company.

 

However when going through my reports the Investment (deposits) are being reported as sales which is incorrect (I believe) as it is inflating my sales figures.  Should this be the case?

 

Thanks in advance.

 

(first time user of Community - I hope I'm doing it right).

 

Solved
Best answer January 20, 2020

Best Answers
Intuit Zac
Content Creator

Owners Equity

Hi Mark A, 

 

Thank you for reaching out on this and you are totally using our community right! 

 

However, due to the nature of this questions, I would suggest double checking with your accounting professionals to make sure the transaction is recorded correctly according to the Australian Accounting Standard.

 

Intuit offers "Find-a-ProAdvisor" service for business owners to connect with QuickBooks certified accountants and bookkeepers. Please see details in the link below:

Please feel free to reach out again if you have any questions. Thank you. 

View solution in original post

2 Comments 2
Intuit Zac
Content Creator

Owners Equity

Hi Mark A, 

 

Thank you for reaching out on this and you are totally using our community right! 

 

However, due to the nature of this questions, I would suggest double checking with your accounting professionals to make sure the transaction is recorded correctly according to the Australian Accounting Standard.

 

Intuit offers "Find-a-ProAdvisor" service for business owners to connect with QuickBooks certified accountants and bookkeepers. Please see details in the link below:

Please feel free to reach out again if you have any questions. Thank you. 

View solution in original post

Bhavalife
Level 2

Owners Equity

I had this issue with a transaction when the GST code for the transaction had been incorrectly allocated to sales, once I corrected the GST code, it took it out of sales. Maybe check that?