Financial Software Questions? Ask IT Support for Answers ASAP
Welcome to the site. I'm PDtax, and will be helping you today.
Quickbooks is a lot like an automated checkbook, and people make the mistake that the only ay to use the software is to enter income and payments through the check register. Not so. Make journal entries.
Since neither entry went theough the LLC checking account, make journal entries for the date and payments as follows:
1 Cash 130
Equity Tyson 130
2 Organization costs 244
Equity Jon 244
3 Equity Jon 244
Equity Jon 114
At the end, $0 cash, organization costs recorded, and equity accounts established.
Hope that covers things. Thanks from Just Answer. Please accept or leave positive feedback to close out your question. I'm PDtax.
Okay, let me try that
So "Payee" is cash?
We are using QB Online, if that makes a difference
That's fine. I treated it as coming in and going out of LLC cash.
I went to make a journal entry..it has <payee> <account>
so I need to make a need account called "Cash"?
need = new
I can only make Vendor or Client account
If you want, you could use 'loan-Jon' for each cash transaction. Make that a vendor account.
So the first entry debits loan-Jon and credits Equity - Tyson.
wow, this makes no sense...can I just give you access to our online QB and you can make the necessary entries?
or is that not cool to do on here?
sorry, I can't do that through the site.
going to Q & A...