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Level 1

Where do I input capital contributions?

 
5 Comments
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Moderator

Where do I input capital contributions?

Hey there, @suz62.

 

Happy to help out. If you'd like to track capital contributions or investments in QuickBooks Online, you'll need to setup an equity account. I've outlined this process for you below. You'll be a pro in no time.

 

  1. Go to Settings ⚙, then Chart of Accounts.
  2. Hit New.
  3. From the Account Type drop-down, choose Equity.
  4. In the Detail Type drop-down, pick Owner's Equity or Partner's Equity depending on your situation.
  5. Save and close.

 

Now you can start recording investments using this account.

 

Let me know if you have any other questions. I'm here as your number one resource for QuickBooks Online.

 

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Level 1

Where do I input capital contributions?

Hello Michael,

 

Your comment regarding capital gains/owener's equity with regard to the Chart of Acconts was very helpful.  I am now faced withe the Turbotax delima.  Turbotax asks what the account is used for and provides a dropdown list to choose the item that matches.  This is where I encounter my problem.  I do not recognize a category that maps to capital investment or owner's equity.  I believe assigning a tax line map in Quickbooks might resolve this issue, but what tax line map item do I choose.

The company is an S Corp.

No sales or generated income

All money to operate the business is from me as capital contributions.  All money (contributions) are used to pay for internet, telephone, turbotax business, and of course office expenses like paper, ink etc.  The business operates out of my home.

 

Larry

 

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QuickBooks Team

Where do I input capital contributions?

Thanks for joining the thread, @anders8820.

 

I recommend reaching out to your accountant for advice on how to map your account. They can further assist you on this topic and have tools that can help you through the process. 

 

If you have any other questions about QuickBooks Online, don't hesitate and reach back out! I'm here if you need me. Have a beautiful day.

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Level 1

Where do I input capital contributions?

An automobile was added to the compnay as a capital contribution. How do I add that?

Highlighted
QuickBooks Team

Where do I input capital contributions?

Hi @Monica F,

 

I got your back on this query. 

 

You can follow the same steps provided by @Michael K above. I also suggest consulting your accountant or bookkeeper on how to proceed. They can ensure that the account created works best for you and your business. 

 

In case you missed it, I'll share these asticles: 

 

  1. Track personal money or investments to your business
  2. Record paying back an investment

Place a comment below if you need further help. I'll get back to you as soon as I can. 

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