How do I put in capital purchases made before I used Quickbooks?

I'm here to help you record your capital purchase, ken-kcamarketing.

To track the contribution, add the owner or partner as a supplier. Then, create an equity account to see how much someone invests and earns from the business.

Before taking any of these steps, I suggest consulting with an accountant for advice on handling the transaction in QuickBooks Online (QBO). In the meantime, you can follow the instructions below to add the account and supplier.

Here's how:

1. Head to the Expenses menu on the left panel and choose Suppliers.
2. Click the New Supplier menu in the upper right to open the Supplier information window.
3. From there, fill in the fields with the correct information.
4. Click Save to keep the changes.

To add the account:

1. Go to the Accounting menu on the left panel and select Chart of accounts.
2. Tap the New menu in the upper right to open the Account window.
3. Press the Account Type drop-down and pick Equity.
4. From the Detail Type drop-down, choose Owner's Equity or Partner's Equity.
5. Click Save and Close.

Here's an article that goes over the process in detail: Add an owner or partner to your books.

After setting up everything, simply categorize the deposits' transactions if you've linked your bank to online banking. If you manually track the entry, record the investment by making a deposit. For detailed instructions, perform Steps 2 through 3 in this article: Record an owner's contribution or capital investment in your business.

Feel free to use our online resources to help you with your accounting tasks. You'll find answers and articles about payroll, taxes, banking, cash flow management, and other topics there.

Leave a comment below if you have other product-related concerns or additional questions about tracking capital purchases. I'm always ready to assist you. Enjoy the rest of the day.