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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?

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Best answer 03-11-2019

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Highlighted
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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Highlighted
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

Highlighted
Level 1

How should I enter shareholder deposits?

I am assuming the deposit is in the General Journal

Highlighted
Level 1

How should I enter shareholder deposits?

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