Used personal cash for business expenses, now balance sheet is skewed

The Legal Zoom people couldn't walk you though this????

Look in your Chart of Accounts and see if you have a Owner Equity Account and even better, two Sub Accounts for Owner Contribution and Owner Distribution.  If they don't exist, create them.  The type when you set up the new account is Equity.

The Deposits into the Cash Account should be associated with the Owner Contribution Acct.  Then, assuming you actually paid the expenses with the checks, then you should have shown a Transfer from the Cash Account to your Checking Account.

Going forward, you don't need to use this "Cash" Acct if you need to put cash into your business.  Just make a Deposit into you Business Checking and attach it to the Owner Contribution Acct.

Thanks for the reply.

I only had "Owner Draws" and "Owner Investments" - would these be the same as the ones you suggested?

Would I change the expenses that I have in there under the 'Cash' account to 'Owner Contribution / Investments'?

I have not yet reimbursed the funds back to my personal account, so would they just stay in as expenses?

Thanks for the reply.

I only had "Owner Draws" and "Owner Investments" - would these be the same as the ones you suggested?

Would I change the expenses that I have in there under the 'Cash' account to 'Owner Contribution / Investments'?

I have not yet reimbursed the funds back to my personal account, so would they just stay in as expenses?

Yes, Owner Draw (taking money out) and Owner Investment (putting money in) are the same as I described. 

Again, not sure how you're set up, but if the owner takes a Salary, you would NOT associate it with the Owner Draw.  That Acct is for when the Owner just takes money out of the business OTHER than Salary.  They may want to take some of the Capitol they put into the business to get it up and running, etc.  So any check/cash  they take that is not Salary would use this Acct.

Thanks again!

I am the sole owner and employee and have been using 'Owner Draw' to pull out funds bi-weekly to transfer back to my personal account, in a sense paying myself - sounds like I'm missing the mark there as well.. ugh.. 

What would be the best way to handle that?

On my initial questions, I have expenses going back 6 months that were put under the 'Cash' account - now trying to figure out how to change those to where they need to be - 'Owner Investment'? 

The expenses were paid with my personal CC and also bank debits to my personal account, neither of which are linked to the QB business accounts. Since they were business start-up costs and then ongoing monthly expenses for health insurance, I just recorded them as expenses and used the 'Cash' account to track them.

Would I just record transfers in under Owner Investment for the same amounts and then tie those expenses to these transfers?

Thanks again for all the assist.