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February 19, 2021
Question

How do I classify/ file cash deposits into my bank account from my personal funds? I.e. not sales. I want to make sure this is kept out of my profit/loss.

  • February 19, 2021
  • 1 reply
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1 reply

February 20, 2021

Let me guide you on how to record cash deposits from your personal funds, usersentoplanning.

 

We can record your personal money you use to pay bills or start your business. These funds come from you as an owner, partner, or other owners. Before we can record it as a deposit, let's set up an owner or partner equity account. These accounts let you see what someone invests and makes from a business. Here's how: 

  1. Click the Gear icon
  2. Select Chart of Accounts.
  3. Tap New.
  4. From the Account Type drop-down, hit Equity.
  5. From the Detail Type drop-down, choose Owner's Equity or Partner's Equity depending on your situation.
  6. Press Save and Close.

To learn more about this one, see the Add an owner or partner to your books article. Then, record a deposit into your equity account by following Step 2 in the Record an owner's contribution or capital investment in your business article. 

 

Feel free to visit our Banking page for more insights about managing your bank feeds transactions. 

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Please leave a comment below and I'll get back to you. Have a great day ahead.