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Hoolie
Level 1

Journal Entries

I'm trying to figure out a way to record other income into my company QuickBooks. The other income was deposited into my personal bank account (a joint account with my partner) which I keep track of in a separate QuickBooks login account.

I created an "other income" account and know how to create a journal entry but need help figuring out how to create a journal entry to reflect the income that was deposited to another bank account not connected to my business. I basically need help figuring out what accounts to debit and credit. 

Would I debit from "Owner Draw" or "Owner Contribution" equity accounts? 

Solved
Best answer March 19, 2022

Best Answers
Rainflurry
Level 8

Journal Entries

@Hoolie 

 

Is this a sole proprietorship?  If so, you will debit the company's owner's draw equity account and credit other income.

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2 Comments 2
Rainflurry
Level 8

Journal Entries

@Hoolie 

 

Is this a sole proprietorship?  If so, you will debit the company's owner's draw equity account and credit other income.

Hoolie
Level 1

Journal Entries

Yes, it is. It's a single-member LLC. The other income is contract work for another company. Thank you! 

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