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How do you record this: 2 partners went into business and 1 partner paid for all of the organizational and start up costs out of their personal account. The other partner gave the 1st partner a check for his half of the costs.
They now have a business checking account.
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Thanks for posting here today, @Mcressy.
You'll want to set up two equity account for the business partners. Then, record the business expense you paid for with personal funds.
Here's how to create an equity account:
After creating an account, record the expense using a journal entry.
Want more details? Check out these links below to help you along the way.
Pay for business expenses with personal funds.
Record paying back an investment.
Also, I've added this reference for a compilation of articles you can use to get a better view of your business's financial status: Financial Report for QuickBooks Online.
If you have other questions of concerns, please let me know. I'm always here to assist you every step of the way. Take care and stay safe.
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