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bonifaaa
Level 1

--> Gold Coin (Gold Eagle) entry as Other Current Asset

As owner of single member llc, I'm contributing Gold Eagle coins as "other current asset". How do I enter this as contributing as owner equity as a other current asset?

2 Comments 2
AnneMariee
QuickBooks Team

--> Gold Coin (Gold Eagle) entry as Other Current Asset

Hello there, bonifaaa.

 

I know the importance of recording your finances to the correct accounts. I'm here to provide the steps to document your contributions to your business.

 

First, you'll need to set up an equity account. Then, record a deposit into that account. 

 

Here's how:

 

  1. Click the + New button.
  2. Select Bank deposit.
  3. From the Account drop-down menu, select the bank account you're depositing the money into.
  4. Enter the Date you deposited the money.
  5. In the Add funds to this deposit section, enter the investor's name in the Received from field.
  6. Select the appropriate equity account from the drop-down list in the Account field.
  7. Specify a Payment method.
  8. Enter the investment amount in the Amount field.
  9. Click Save and close.

 

I suggest contacting an accountant if you need clarification on what type of account you should use to record your contribution.

 

Once done, you'll see your contribution in the Chart of Accounts. From there, you can track adding capital and see the total at any time.

 

Additionally, you can also pay an investment and log it in QuickBooks. Here's a guide on how to do it: Record paying back an investment.

 

For future use, check out this article on paying a sole proprietor business owner in QuickBooks: Set up and pay an owner's draw.

 

Feel free to reach out if you have other questions about recording your contribution. The Community is always available to help you out.

Rainflurry
Level 15

--> Gold Coin (Gold Eagle) entry as Other Current Asset

@bonifaaa 

 

@AnneMariee 's reply missed your point.  You want to put the coins into an other current asset account, not a bank account, correct?

 

If that's the case, make a journal entry: debit the appropriate other current asset account and credit your Owner's Contribution (or Owner's Capital if you use that) equity account for the FMV of the coins.    

 

 

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