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Just started using QuickBooks. I am entering a transaction…

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Just started using QuickBooks....
Just started using QuickBooks. I am entering a transaction into my business account - it is a deposit made from my personal savings to this business checking account, so that I could pay some initial business expenses, before the business produced any income. To which catetory should I assign this? I tried "Members Equity" but QuickBooks warned me that it is going to Retained Earnings and probably that is not what I want. Which category should I use?
Submitted: 7 years ago.Category: Financial Software
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Answered in 13 minutes by:
2/3/2011
Tech Support Rep: Doug Millington, Certified Public Accountant (CPA) replied 7 years ago
Doug Millington
Doug Millington, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 268
Experience: Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
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Doug Millington :

If you have a question about accounting, bookkeeping, Quickbooks or Peachtree I have the answer.

Doug Millington :

It will depend on two factors: (1) When you setup QuickBooks you are prompted in the Company Information section to select the income tax return you will file - are you a sole proprietor, partnership, corporation? and (2)) Is your business going to pay you back for the initial infusion of cash?

Doug Millington :

If your business will pay you back within a year you can code this to an Other Current Liability account.

Doug Millington :

If you will be leaving the money in the business then it should be coded to an equity account. Which equity account depends on you form of organization as previously mentioned.

Doug Millington :

Let me know if you have any questions.

Customer :

It is a single-member LLC. The business is not going to pay me back

Customer :

So which equity account should I use?

Doug Millington :

OK - A single member LLC is classified as a sole proprietor for income tax purposes.

Doug Millington :

So you need to create an equity account called Member Contributions

Doug Millington :

And code it there

Doug Millington :

I'm just about to walk out the door to a client meeting - do you have any questions?

Customer :

And what "tax-Line mapping" should I use?

Customer :

For this new account

Doug Millington :

For a sole proprietor you do not include a balance sheet with your tax filing just the P&L which is reported on Schedule C attached to your 1040 - so it doesn't matter for balance sheet accounts

Customer :

Ok, thanks.

Doug Millington :

My pleasure.

Doug Millington
Doug Millington, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 268
Experience: Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
Verified
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