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It's an exceptional case, I had to pay for a service on behalf of my client, in return of a management fees for that activity. the thing is that I didn't have the full amount ready, therefore, I took a fund (cash) from a friend in order to have the full amount that I will pay for the service. In return of part of the management fees to my friend.
Now I need to record the amount I took from my friend in the system, I just don't know to record it under what? is it sales receipt for example? although I don' think so because I didnt sell him something. is it owner's equity? if so, then under what account ? I don;t know , please advise.
Hello, melkhafif,
You can start by recording the money you receive from a friend using the Bank deposit feature in QuickBooks Online. Let me show you how:
If your bank and friends account are set up in QBO, you can use the Transfer function instead to record the transaction.
Also, I recommend consulting with your accountant for specific instructions on what accounts to use for this special entry.
Stay in touch if you need additional information by leaving a comment below. Just tag my name and I'll get back to you.
Thank you and stay safe!
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