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mobern
Level 1

Journal entry

When I add funds to cover expenses that exceed my income for rental property, what journal entry is to be done?

Solved
Best answer January 02, 2024

Best Answers
Rainflurry
Level 15

Journal entry

@mobern 

 

There's no need to make a journal entry, just create a bank deposit.  That creates the proper journal entry but uses a deposit-type transaction which is better for reporting.  Assign the appropriate equity account to the deposit based on whether this is a sole proprietorship, S-Corp, or ?? 

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1 Comment 1
Rainflurry
Level 15

Journal entry

@mobern 

 

There's no need to make a journal entry, just create a bank deposit.  That creates the proper journal entry but uses a deposit-type transaction which is better for reporting.  Assign the appropriate equity account to the deposit based on whether this is a sole proprietorship, S-Corp, or ?? 

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