How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask PDtax Your Own Question

PDtax
PDtax, CPA firm owner
Category: Financial Software
Satisfied Customers: 2190
Experience:  Have used almost every software package available.
64119565
Type Your Financial Software Question Here...
PDtax is online now
A new question is answered every 9 seconds

Tyson gave Jon $130 cash which Jon deposited into his personal

Resolved Question:

Tyson gave Jon $130 cash which Jon deposited into his personal checking account.
Jon paid Legal Zoom $243.95 out of personal checking account for LLC.
Jon opened business bank account with $100 out of pocket cash.
At this point:
Tyson Capital Contribution: $130.00
Jon Capital Contribution: $213.95

How do I go about entering this into Quickbooks so everything is accounted for and we are off to a proper start instead of a mess.
Submitted: 1 year ago.
Category: Financial Software
Expert:  PDtax replied 1 year ago.

PDtax :

Welcome to the site. I'm PDtax, and will be helping you today.

PDtax :

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.

PDtax :

Since neither entry went theough the LLC checking account, make journal entries for the date and payments as follows:

PDtax :

1 Cash 130

PDtax :

Equity Tyson 130

PDtax :

2 Organization costs 244

PDtax :

Equity Jon 244

PDtax :

3 Equity Jon 244

PDtax :

Equity Jon 114

PDtax :

Cash 130

PDtax :

At the end, $0 cash, organization costs recorded, and equity accounts established.

PDtax :

Hope that covers things. Thanks from Just Answer. Please accept or leave positive feedback to close out your question. I'm PDtax.

Customer:

Okay, let me try that

Customer:

So "Payee" is cash?

Customer:

We are using QB Online, if that makes a difference

PDtax :

That's fine. I treated it as coming in and going out of LLC cash.

Customer:

I went to make a journal entry..it has <payee> <account>

Customer:

so I need to make a need account called "Cash"?

Customer:

need = new

Customer:

I can only make Vendor or Client account

PDtax :

If you want, you could use 'loan-Jon' for each cash transaction. Make that a vendor account.

PDtax :

So the first entry debits loan-Jon and credits Equity - Tyson.

Customer:

wow, this makes no sense...can I just give you access to our online QB and you can make the necessary entries?

Customer:

or is that not cool to do on here?

PDtax :

sorry, I can't do that through the site.

PDtax :

going to Q & A...

Expert:  PDtax replied 1 year ago.
Jon,

I would like to try once more to provide the entries you need to set up the initial work done to set up your LLC. With QuickBooks in mind,

1 Note - Jon 130
Equity Tyson 130
2 Organization costs 244
Equity Jon 244
3 Equity Jon 130
Note - Jon 130

At the end, you have the two owner equity investments, and the cost of the LLC fees established.

Thanks for using Just Answer. Please try this solution, and provide positive feedback when you find it will meet your needs. I'm PDtax.

PDtax, CPA firm owner
Satisfied Customers: 2190
Experience: Have used almost every software package available.
PDtax and 2 other Financial Software Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Robert M.

    Consultant

    Satisfied Customers:

    2759
    30 yrs. of computer experience in financial and marketing departments.
< Last | Next >
  • http://ww2.justanswer.com/uploads/flopcat98/2009-11-02_004348_rob_suit.JPG Robert M.'s Avatar

    Robert M.

    Consultant

    Satisfied Customers:

    2759
    30 yrs. of computer experience in financial and marketing departments.
  • http://ww2.justanswer.com/uploads/DF/dfmcpa7691/2011-1-9_14443_mainprofileimage.64x64.jpg Doug Millington's Avatar

    Doug Millington

    Certified Public Accountant (CPA)

    Satisfied Customers:

    268
    Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
  • http://ww2.justanswer.com/uploads/BB/bbl242003/2010-12-15_24730_mr.BruceBecker.jpg bbl242003's Avatar

    bbl242003

    Accountant

    Satisfied Customers:

    182
    MBA
  • http://ww2.justanswer.com/uploads/AN/AnswerCPA/2011-9-25_161544_Photoprofessionalportraitseptia.64x64.jpg AnswerCPA's Avatar

    AnswerCPA

    Advisor

    Satisfied Customers:

    175
    QuickBooks Pro Advisor
  • http://ww2.justanswer.com/uploads/Leanne0424/2010-09-06_222047_Just_Answer.jpg Leanne Stewart's Avatar

    Leanne Stewart

    Quickbooks Pro Certified

    Satisfied Customers:

    153
    QuickBooks certified, in my own business for 7+ years.
  • http://ww2.justanswer.com/uploads/Welltor/2010-04-30_122105_welltor.jpg David Bennett's Avatar

    David Bennett

    Certified QuickBooks ProAdvisor

    Satisfied Customers:

    91
    16+ yrs exper. QuickBooks Specialist, contract accounting technician, consultant & trainer!
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    61
    10+ years of experience with TurboTax, TaxCut & HR Block at home
 
 
 
Chat Now With A Tech Support Rep
PDtax
PDtax
Owner
230 Satisfied Customers
Have used almost every software package available.