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August 14, 2022
Question

Does anyone else have a problem recording owners' equity that was added into your square checking account?

  • August 14, 2022
  • 1 reply
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I have added money into my square checking account from my personal bank account, QuickBooks is seeing the transaction as a spent transaction and is saying that the money is coming from my square checking's to my square checking's, and it will not allow me to add the transaction correctly. how do I resolve this?

1 reply

August 14, 2022

Good day, @Aguillen2.

 

Let me share insights on how QuickBooks downloads bank transactions in the Banking page. 

 

How the program transfers your data into the system depends on your financial institution. I'd recommend checking this out with your bank to clear things out. 

 

In the meantime, we can exclude this transaction and manually record the deposit to your equity account. If haven't created it yet, follow the steps in this article to add one: Add an owner or partner to your books.

 

Here are the steps to exclude bank transactions in QuickBooks Online (QBO):

 

  1. Go to Bookkeeping and select Transactions.
  2. Click Banking (Take me there), then select the For Review tab.
  3. Check the box of the transactions you want to exclude.
  4. Select Exclude.

 

Once done, you can now record owners' equity into the program and track the money going into your business. This article will help you accomplish this task: Record an owner's contribution or capital investment in your business.

 

To ensure your books are accurate, I'd also recommend reaching out to your accountant. They can provide you with guidance in handling your accounts in QuickBooks.

 

I'm also including our Help articles for additional references in managing your account and transactions.

 

Please let me know if you have further questions about recording owners' equity in QuickBooks. I'll be here to provide answers to your queries. Have a good one.