How to deposit money to owners equity?

What if the cash wasn't deposited? How do I show that the cash spent (money from client) was owner payment?

When the owner keeps funds from customer payments, you still need to process it as Sales. Then, in the Banking deposit window, you can can show "cash went to Owner Equity" and that would be a Negative (for QBO) or, for QB Desktop, it's a provided entry at the bottom of the Make Deposit screen. Please see my attachment.

Thanks

Very legal, you are just categorizing the transaction to select funds in our out, and how. Everything else the CPA determines. Good luck.

I categorized a cash deposit from my bank feed as owners equity investment. It shows in that account in my chart of accounts, however, when I reconcile for that statement period it shows a discrepency of that amount. Is this amount to be posted to another account or something?

oops I posted twice

Hi thank you for your answer it helped me ~ I just wanted to find out if I am supposed to close out Owners Equity Investment at the end of each year or if it just keeps growing indefinitely as I continue to make personal contributions to my business (which I will do because I am a sole proprietor).  Thank you.

It's good to see you in this thread, @kmasta.

I'm happy to hear that the information above helped you. This time, let me share information about how the owner's equity works at the end of the year.

At the beginning of the new year, QuickBooks closes all expenses and income accounts to retained earnings unless you are set up in the system as a Sole Proprietorship since it will close to Owner's equity.

The owner's draw investment and retained earnings should also be closed to owner's equity at the start of the year. That way, during the beginning of the year, you can easily see what you have taken or invested in the business. 

Additionally, QuickBooks makes year-end adjustments automatically based on your fiscal year start month. To know more about this, take a look at this article: Close your books in QuickBooks Desktop.

In case you need tips and related articles in the future about the "How Do I" steps in QuickBooks Desktop, visit our QuickBooks Community help website for reference: QBDT Self-help.

If you have any other questions concerning QuickBooks Desktop, please let me know. I'd be happy to answer it for you. Take care.

In QB desktop I deposit the amount in the Owner's Equity.  On the bank statement it is still showing up as a deposit which means when I do the reconcile, it won't balance.  I'm at a loss as what to do now.

Thanks for joining the thread, @SuzWalk. 

Let's figure out why you still have a deposit in your bank statement. 

We can review your transaction again and check if the bank account is selected when depositing the amount to the equity account.

To correct the discrepancy, you need to re-enter or edit the transactions in QuickBooks Desktop.

You can review this guide for more info: Fix issues when you're reconciling in QuickBooks Desktop

In case you'll need helpful links and guides to assist you in doing QuickBooks tasks, you can visit our QuickBooks Help page. From here, you'll find a number of help articles and even video tutorials based on the QuickBooks feature you've searched. You can also bookmark them in your browser for easy access and use them as your future reference.

I'm always here to help if you need further assistance fixing your QuickBooks and bank balance. Don't hesitate to post your concern here. Have a good one.

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@AbegailS_ wrote:

Thanks for joining the thread, @SuzWalk. 

 

Let's figure out why you still have a deposit in your bank statement. 

 

We can review your transaction again and check if the bank account is selected when depositing the amount to the equity account.

 

To correct the discrepancy, you need to re-enter or edit the transactions in QuickBooks Desktop.

 

You can review this guide for more info: Fix issues when you're reconciling in QuickBooks Desktop

 

In case you'll need helpful links and guides to assist you in doing QuickBooks tasks, you can visit our QuickBooks Help page. From here, you'll find a number of help articles and even video tutorials based on the QuickBooks feature you've searched. You can also bookmark them in your browser for easy access and use them as your future reference.

 

I'm always here to help if you need further assistance fixing your QuickBooks and bank balance. Don't hesitate to post your concern here. Have a good one.

 

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You asked why the deposit was showing up on the bank statement.  That is where the deposit was made.  I put the $6000 in Owner Contribution Equity, went on to try to reconcile and I'm the $6000 off.  I just don't know where to go from here. 

I finally figured it out.  I had to put it in the Owner's Contribution Equity first, then the check register would accept it as a deposit.  And now the reconciliation balances and the deposit doesn't show up on the P&L.