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Dedeh
August 5, 2022
Question

J/E

  • August 5, 2022
  • 1 reply
  • 0 views

Do to bank issues the owner deposited an invoice payment directly into his personal account.  I need to do a J/E to show that the invoice is paid and that the amount is recorded in owners draw.  I want to verify if the entry I am trying to do is correct if I DR Owners Draw & CR A/R or the invoice.  Not sure if this is a correct move and if I have to J/E credited and debited correctly. HELP!

1 reply

Rustler
Rustler
August 6, 2022

If QB was a normal accounting program yes the journal entry you listed will work.

But it will not work in QB, while the customer balance in reporting will be correct, the invoice will still show as not paid in receive payments and aging.

 

receive the funds, deposit them to a cash type account, then pay out the funds using equity drawing as the expense (reason) for the payment

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