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October 11, 2022
Question

How do you set up and track a bank account that you share with a partner. You only own half of the money in the account and owe half of the expenses paid from it.

  • October 11, 2022
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1 reply

October 11, 2022

It's nice to see you here, @kellyreimerrealt. I can share with you some insights about setting up an owner or partner as a supplier.

 

You can set up owners or partners in QuickBooks Online(QBO) to track their contributions to your company.

 

Owners generally own firm stock. In contrast, partners contribute cash and other assets without taking a cut of the gains or losses.

 

I'll walk you through adding an owner or partner in QBO. Follow the steps below:

 

  1. Go to Get paid & pay and select Suppliers.
  2. Select New Supplier.
  3. Fill out the form and select Save.

Then, you can set up equity accounts, here's how: 

 

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

Once done, I'm confident you'll be able to record the owner's contribution into your account. In addition, I've also included our detailed guide to adding an owner or partner to your books

 

However, I still recommend contacting your accountant. He/she will guide you in choosing the account specifications of this type of account.

 

Feel free to leave a comment below if you have any other questions about QuickBooks Online. I'll be always around to lend a hand.