Let me share a way to record the transactions in your books, @bazimov.
Firstly, we need to create an equity account to record the money you receive from your mom as a capital investment. Here's how:
- Go to the Gear icon and choose Chart of accounts.
- Select New.
- Click the Equity logo.
- From the Save account under dropdown, select Equity.
- Fill in the necessary details.
- Once done, click Save.
Next, let's create an asset account for the truck you purchased. Follow the same steps above, but select Asset instead of Equity. To record the profit you will give to your mom, create a new vendor and name it Mom.
Now, we can create a bank deposit for the investment into your equity account. Then, record the truck you purchased in your asset account. Finally, for the profit, we can use a check transaction.
Moreover, it's best to consult with your accountant for further assistance and information.
Additionally, reconcile your accounts to keep them accurate and up-to-date.
Let us know if you need further assistance with recording the transactions. We'll be here to help you in any way we can.
