Good day everyone!
So, here is the situation.
I recently started using QB to help my bosses with their books. The problem is I have 0 experience/background in being an accountant or a bookkeeper. My bosses also just started cleaning up their books which is a big mess btw.
So what is the situation?
There are points over the last 3 years where the business is not bringing in enough money to pay bills and contractors. So the boss' wife would transfer money to the business to pay everyone and keep the business afloat. These transfers are now recorded as a petty cash loan under shart of accounts.
There have been instances when the boss would transfer money to her as payment and/or withdraw cash to give to her.
How do I record such transactions in QB? There are journal entries already to reflect the said transactions but I need help categorizing everything.
Thank you!