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carla-jacoagency
Level 1

How do I record bank deposits connected from the business bank account that the owner made from her personal funds as an investment? (Not to be reimbursed)

I don't know what to put in the "Payee" field.
1 Comment
GlinetteC
Moderator

How do I record bank deposits connected from the business bank account that the owner made from her personal funds as an investment? (Not to be reimbursed)

Welcome to the Community, carla-jacoagency.

 

Providing personal funds to your business falls under the Owner's Equity Contribution in QuickBooks Online. You'll have to set up an owner and an equity account to keep a record of what you invest in the business. QuickBooks uses Vendors to track what you contribute to the business.

 

I'll walk you through the steps on how to accomplish this:

 

  1. Go to the Expenses menu to choose Vendors.
  2. Click the New Vendor button in the upper right.
  3. In the Vendor Information window, fill in the field boxes.
  4. Click Save.

Now, set up the equity account. Here's how:

 

  1. Go to Settings ⚙, then select Chart of Accounts.
  2. Select New.
  3. From the Account Type ▼ drop-down, select Equity.
  4. From the Detail Type ▼ drop-down, select Owner's Equity or Partner's Equity depending on your situation.
  5. Click Save and Close.

The next step to perform is to record the investment in QBO. You can check out this article for the detailed steps: Track personal money or investments to your business

 

Please let me know if you have any additional concerns. I'm always here to help.

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