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stephen4
Level 1

How should I enter shareholder deposits?

We deposited personal funds to the business account to cover an expense. How should this be entered in QB?

Solved
Best answer March 11, 2019

Best Answers
KATA
Level 1

How should I enter shareholder deposits?

The deposit function will debit the bank account.  The offset is a credit to Shareholder Loan.  The Shareholder Loan account should be a current liability and specifically identify the shareholder who contributed the funds.

Note:  CRA doesn't care if the corporation owes a shareholder, but may take action of the shareholder owes the corporation for more than one reporting period.

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3 Comments
KATA
Level 1

How should I enter shareholder deposits?

The deposit function will debit the bank account.  The offset is a credit to Shareholder Loan.  The Shareholder Loan account should be a current liability and specifically identify the shareholder who contributed the funds.

Note:  CRA doesn't care if the corporation owes a shareholder, but may take action of the shareholder owes the corporation for more than one reporting period.

View solution in original post

House Doctors
Level 1

How should I enter shareholder deposits?

I am assuming the deposit is in the General Journal

RezaRahmati
Level 2

How should I enter shareholder deposits?

Can you please add steps for deposits (as in the question owner deposit money to company bank account)