Get 50% OFF QuickBooks for 3 months*

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Mkaz
Level 1

Layman's Terms - simple explanations

Anyone on here who can explain things in simple english terms for a newbie? I'm finding most explanations adding to my confusion than helping. I'm using QBO.

 

Here are a few examples of things I'm looking for answers to:

  1.  How do i record transactions for paying partners of an LLC partnership? Is it a distribution, or a draw, is it equity, is there a "summing account" (whatever that is). Can anyone explain this in simple terms?
  2. What's the difference between a transfer and an expense if it's a payment? Does it matter?
  3. Why do I get no search results when I search for something that is a transaction? Why does QBO search not work?

 

TIA

1 Comment 1
ChristineJoieR
QuickBooks Team

Layman's Terms - simple explanations

Hi @Mkaz, It's great to see you here in the Community. I’ll make things clear for you.


You might need to track your payments for yourself, partners, or co-owners back at a later time. This is referred to as a "capital distribution." After you've made an investment, you'll need to keep track of it.


You can also consult your accountant for the appropriate accounts to use.


Difference between transfer and an expense:


"Transfer" means you make a transfer from one bank account to another bank account (or credit card account). It’s not for entering an income or expense account for the transaction. An "expense" is defined as an outflow of money or assets to another individual or company as payment for an item or service.

 

(QBO) search for a transactions:


Search for a transaction using a magnifying glass in QBO. Select the selected transaction after entering the desired date, amount, or transaction number. Utilize this article for additional directions on how to search for transactions in QuickBooks Online.


If you’re still getting the same result, I suggest you do some basic troubleshooting to help your browser perform seamlessly.


I’ll add this article to your guide and for your future references:

 

 

Drop a message for any other concerns about accounts and expenses in QuickBooks online. I’ll be here to support you.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.

Need to get in touch?

Contact us