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R
res@finisroadrvp
January 1, 2022
Question

Are our capital partnership contribution accounts entered correctly?

  • January 1, 2022
  • 1 reply
  • 0 views
I want to make sure our capital accounts are correctly entered. After connecting to the bank this is how QB entered our investment: Partnership Investment 20,000 Partner 1 Equity 0 Partner 2 Equity 0 Partner 3 Equity 0 Partner 4 Equity 0 Our two deposits to open bank account 18,000 / 4 = 4500.00 2,000 / 4 = 500.00 I went into the deposits and divided each one by four using our four capital accounts. But each partners account still shows 0. I opened the main account register

1 reply

R
Rea_M
January 1, 2022

I'm here to share details about how online banking works in QuickBooks Online (QBO), @res@finisroadrvp. This way, you can monitor your bank accounts and transactions accordingly.

 

Based on your description above, I can tell that your capital partnership contribution accounts are entered correctly. This is because when you connect to online banking, either the main account (Partner Investment) or the sub-accounts (Partner accounts) receives transactions.

 

When your banking data downloads to one account, then connect the parent. Otherwise, you'll have to link the subaccounts only. You're unable to connect both mentioned accounts. The system will recognize that you've already connected to online banking.

 

Once your transactions are downloaded, you'll have to review and/or match them to the existing entries in QuickBooks. This way, you're able to keep your account updated. For the step-by-step guide, please refer to this article: Categorize online bank transactions in QuickBooks Online.

 

Also, I would encourage you to reconcile your capital partnership contribution accounts every month. This will help you monitor your income and expenses and detect any possible errors accordingly. To know more about this process, I'd recommend checking out this article: Reconcile an account in QuickBooks Online.

 

Let me know if you have other banking concerns and questions about managing your capital partnership contribution accounts and transactions in QBO. Please don't hesitate to drop a comment below, and I'll gladly help. Take care always, @res@finisroadrvp.

R
res@finisroadrvpAuthor
January 1, 2022
I apologize. My post did not completely copy. Please see attachment for complete explanation. Thank you.
A
AbegailS_
January 1, 2022

Thank you for the clarification, @res@finisroadrvp. 

 

Allow me to share some additional information on how online banking works. 

 

You can disconnect your parent account before connecting  to online banking if you want a single downloaded transaction to register with your partner account.

 

For more information, you can check out this article: About bank or credit card subaccount setup

 

Then, for the amount that is not showing to your sub-accounts, you can  review and/or match them to the existing entries in QuickBooks. 

 

For detailed steps, you can check out this article: Categorize online bank transactions in QuickBooks Online.

 

In case you need some related articles in managing your bank account, you can always visit our Banking and Bank Feeds page for reference. 

 

If there's anything else that I can help you with, please let me know in the comment section down below. I'll always be around to help. Take care!

 

 

 

 

 

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