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Heycliff
Level 1

personal contribution

Using QBDT, how do I record a personal contribution to the business checking account?

Thank you

1 Comment 1
MichaelaS
QuickBooks Team

personal contribution

 I'm glad to share information on recording personal contributions in QuickBooks Desktop (QBDT).

 

When documenting a personal contribution in QuickBooks Desktop, the option is to either make a deposit or create a journal entry. The first thing we'll do is to set up an equity account. 

Here's how:

  1. Go to the Lists menu, then select Chart of Accounts.
  2. From the Account ▼dropdown, select New.
  3. Select an account type to equity, then select Continue.
  4. Complete the account details.
  5. Select Save & Close.

    If you have 
    set up an equity account in the Chart of Accounts to link the owner's equity to the business checking account, you may then proceed to record the contribution. Below are the steps for recording owner's equity:

  1. Select the  Banking menu, then click on Make Deposits.
  2. Choose Cancel to deposit the investment check alone if QuickBooks shows the Payments to Deposit window.
  3. Select the bank account where you deposit the money from the Make Deposits window.
  4. Fill in the name of the person who gave you the money and the amount in the detail section.
  5. Select the equity account in the “From account” list.

 

Moreover, If you don't need to use your bank account to record equity in QBDT, you can record it through a journal entry.

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. On the second row of the Account column, choose the  Equity Account.
  3. Fill out the fields to create your journal entry. Make sure your debits equal your credits.
  4. Select Save or Save & Close.

 

You can check out this article for more details.: Create a journal entry in QuickBooks Desktop.

 

Furthermore, you can refer to this article to further guide you if you have a difference in matching your bank statements at the end of reconciliation: Review your opening and beginning balances.

 

Keep us posted if you have any other QuickBooks Desktop concerns I'm always available to help. Have a great day.

 

 

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