Hello there, @CG1974. Let's work together to resolve the issue of posting a Capital Credit Requirement and Allocation.
To answer your first question, we can record a bank transfer of the Capital Credit Retirement of $66.96. I'll guide you on how:
- Go to Banking at the top menu bar, then select Transfer Funds.
- Enter the correct date in the Date field.
- Click on the Transfer Funds From the drop-down, then choose the bank to transfer funds from.
- Click on the Transfer Funds To drop-down, then select the bank where you want to post the check.
- Enter the $66.96 in the Transfer Amount field.
- Click on Save & Close.
Once done, we can delete the opening balance equity from your Account Register.
For the second question, if the Capital Credit Allocation is an investment, we can record this as a capital investment. However, it would be best to seek professional advice from your accountant for the appropriate accounts to use and record the $1 million allocated for patronage. Thus, the amounts are not payable and aren't considered cash.
You can utilize our Find an Accountant tool to look for one in your area if you're not affiliated.
Furthermore, you can check out this resource on how the chart of accounts works in QuickBooks Desktop: Work with the chart of accounts in QuickBooks Desktop.
I still encourage you to reply here if you have any other concerns with recording your transactions in QuickBooks Desktop. I'm always here to help.
