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res@finisroadrvp
November 26, 2021
Question

First time using my new QB account. We have an LLC, four partners contributed each 5000.00 in our business bank account.

  • November 26, 2021
  • 1 reply
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I connected our bank account with all the transactions that have cleared. Now how do I record what we each contributed to the business bank acct including startup costs we have paid personally?

1 reply

katherinejoyceO
katherinejoyceO
November 27, 2021

I'd be glad to guide you in recording members' contributions, @res@finisroadrvp. 

 

In QuickBooks, you'll need to record the contribution into your equity accounts. 

 

Here's how: 

 

  1. Go to the Chart of Accounts in the Accounting menu, then click New.
  2. Under Account Type, select Equity.
  3. Select Owner's Equity from the Detail Type field, then enter Owner's Contribution in the Name field.
  4. Type in the contribution amount in the Balance field.
  5. Click Save and close.

 

I've also got you an article with a more detailed guide in creating your new equity account.

 

I'd also suggest consulting your accountant for proper guidance to make sure your books are accurate. 

 

Feel free to leave a comment below if you have any other questions. I'm always around to lend a hand.

 

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