Manage customers and Income
Recently active
Original commenter did not share additional details
Hi, I just started using Quickbooks and still on 1st month trial. My business structure is sole trader and i regularly transferred fund from business account to my personal account as owner drawing. I have read some discussions saying owner drawing should be record under Owner Drawing - Owner Equity. My question is my owner drawing under owner equity is in negative amount, will that be any issue? If so, what should i do? I dont need to put/invest any money into the business at this stage as it has sufficient fund to run from my sales income. Thanks for your help. Much appreciated.
These forms emailed from QBO look very amatuerish.
I have a client who receives money (a deposit) on work he is about to perform before an invoice has been raised. Currently they code the money to Sales and manually record the payment on a piece of paper. Then once the invoice is finalized they then type the deposit amount paid into the "Deposit" section on the invoice so the client knows what the balance owing is.However, this is then causing huge problems with their records as they are effectively accounting for the deposit income twice and the bank balance is out of balance!I have tried to work out what they should be doing online but it isn't that easy to follow! I would have thought they should be putting the payment under the clients ledger and allocating the amount to say a prepayment liability. Then when they generate an invoice for the client they have the option of using that amount previously allocated to them???
