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August 11, 2022
Solved

Equity Accounts

  • August 11, 2022
  • 3 replies
  • 28 views

I decided to open a Money Market account tied to my business checking to hold my payroll and withholding taxes so that they don't get used up in the day to day transactions.

I put it as an equity account but the program want me to say where it go on the tax form.  

What catagory do I use.  Would it be under 'opening equity balance?'

Best answer by Rainflurry

@Jonnybegood 

 

A money market account should be set up as a bank account.  It is not an equity account. 

3 replies

Rainflurry
Level 11
August 11, 2022

@Jonnybegood 

 

A money market account should be set up as a bank account.  It is not an equity account. 

AlcaeusF
Level 14
August 31, 2022

Hello Rainflurry,

 

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

 

We love to see members supporting one another! Have a great day.