How to record Owner's Contribution and Distribution

I suggest you get with a tax accountant there in Canada

If this were a US corporation, the answer would be no, I think the same answer would apply though.  Again get with a tax accountant locally

Good advice.  Thanks for replying.

Good advice.

Thanks!

Hi Jamiew:

I'd say that the way you are recording the out-of-pocket costs is the way that QBO seems to recommend elsewhere (in the Help).

However, as you are a Canadian Corp and not a sole trader, I'd suggest:

1. Set up an accounts payable account in your name
2. Record your out-of-pocket costs as a Supplier Bill - whether from individual items or from expense reports
3. Pay yourself by cheque periodically

This will keep such items out of Equity, instead setting them up as a liability, and will record expense and HST in the appropriate time period.

Hope this helps.

Norman

David:

The supplier would be the name to which you are crediting the out-of-pocket expenses eg David Sabine (it that's the name for whom you set up the payable account, as per step 1 of the previous response)

Good luck.