This season when starting my business, I purchased a large amount of equipment and supplies with personal cash, prior to opening my business account. I do have receipts for these purchases. How can I add these to my business account (and therefore lower my net income) without affecting what quickbooks thinks my current bank balance is.
Any personal funds used for the business is Owner Contribution (equitg) and that is how you post it. Enter an "expense" by recording a check from that equity account. In QBO you can directly expense from equity. In desktop it takes using a clearing bank type account.
Step 1. Wite check from clearing account for price paid for equipent as fixed assets. Its expense as depreciation is determined separately and can be 5-10 years or all up front but your tax CPA helps determine that later.
Step 2. Record deposit into clearing account from your Contribution account.