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Mileage 2020
Level 1

How to record owners funds from bank which is already recorded as owners equity with opening balance journal entry?

Hi,

I posted below JE for business purchase and coded balance to owner's equity. Now when I see money I put in business on my bank statement I am confused where to code it. Since owners equity account below is already Cr with balance amount.

JE

Dr Equipment 85000

Dr Leasehold improvement 110000

Dr Goodwill.          3000

Dr Inventory/ Rent /Cash etc.

Cr Loan...............       

Cr (owners equity)balance  117000

 

How can I record money showing up on bank statement and make sure my business purchase entry is also correct. I appreciate if you can shed some light.

3 Comments 3
RenjolynC
QuickBooks Team

How to record owners funds from bank which is already recorded as owners equity with opening balance journal entry?

I'm here to share some steps, Mileage 2020.

 

You can decide how you want to reimburse the money back to your business account by recording a reimbursement check, or expense. Before doing so, I recommend consulting with your accountant for advice.

 

To create a check or expense, here's how:

 

  1. Go to + New Expense or Check.
  2. From the Payment account or Bank Account drop-down menu, select the bank account to use to reimburse the personal funds.
  3. In the Category details section, select partner's equity or owner's equity from the drop-down list.
  4. Enter the amount of the reimbursement.
  5. Click Save and close.

For reference on the steps above, you can check out these articles:

 

Please let me know in the comments if you have additional questions or other concerns. Thanks.

Mileage 2020
Level 1

How to record owners funds from bank which is already recorded as owners equity with opening balance journal entry?

Thanks for the reply.

 

I am not looking for reimbursement back to me. it's a money I have recorded for business purchase with opening balance journal entry in qbo and now I see that money on my bank statement which I want to record but if I record again (Cr to owner's contribution) It will Cr my equity account again and double the equity ( As it's already recorded with JE). I want to know how can I reconcile my bank now so that I don't double record anything.

Mileage 2020
Level 1

How to record owners funds from bank which is already recorded as owners equity with opening balance journal entry?

Thanks for the reply.

 

I don't want to get reimburse back to me. it's a money I have recorded for business purchase with opening balance journal entry in qbo and now I see that money on my bank statement which I want to record but if I record again (Cr to owner's contribution) It will Cr my equity account again and double the equity ( As it's already recorded with JE Cr to owner's equity). I want to know how can I reconcile my bank now so that I don't double record anything.

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