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My husband and brother have started a business and the partnership is 50/50. We have invested personal funds into the business through paying for items from our personal bank account. I have recorded these transactions through a sub account of Owner's Equity called Owner's Capital.How do I record the business paying us back for our invested personal funds? Does he have to pay income tax on this?If we choose to take money out of the business account that is like wages, so not to pay us back for our investment, how do I record that? This I understand we will need to pay tax and potentially CPP on.Thanks!
to suppliers
My small business does business with a very large corporation that has 2 large companies that they bill as separate companies. But when they pay they pay as one company and when they take credits they will take the credit that is due to one company and pay the others bills. How would you post that is quickbooks? We have them set up as 2 separate companies.
circle going around and around
Hi QuickBooks Community.I am working for a Non-Profit Organization to redo their 2020 Bank Reconciliations. A former employee responsible for bank reconciliations would reconcile multiple months at a time. She would choose transactions so that the ending balance would match the statement ending balance but not all the transactions cleared were on the bank statement. The Beginning Balance and Closing Balance would match the bank statements, but the transactions cleared did not. She would match transactions to Online Banking that were not actually a match.I have completed the bank reconciliations for 2020 but was not to undo any reconciliations in 2019 at the request of the NPO as year end reports have been provided to the Board and approved. There are multiple Uncleared cheques and payments and deposits and other credits from 2018 and 2019.For cheques and payments that did not clear the bank, I have voided them. However, there are several cheques that cleared the
Hi, I understand there is a bank reconciliation feature in Quickbooks Enterprise. Is there an option to reconcile any other GL account or is it limited to bank/cc accounts?Thanks,B
How do I get my 1st client for QBO ?Hello,I've posted in Kijiji, and published my profile on QB Pro Advisors, being certified.Still looking for my 1st client. Any suggestion, ideas welcome ! Thanks
I'm a pretty big fan of the "Show bank details" function for matching/adding my downloaded bank transactions in QBO. The biggest reason is that the bank details shows the names of who e-transfers were sent to and from (with this one particular bank I'm working with). But with the latest update, every single time I add or match a transaction, the page reloads and the "show bank details" option is unselected by default. So every single time I add a transaction, I have to click on the settings and select "show bank details." Every single time. How little insignificant things can really mess with your day.
Facts: 1. I am using Quick books Enterprises Solution 18.0. 2. My company account was created in Quick books Enterprises Solution 14.0 and was later migrated to Quick books Enterprises Solution 18.0. 3. When i tried to switch the company account to multi-currencies in Quick book 18. No currency can be chosen in the currency list. 4. I tried to create a dummy company file in Quickbook 18. Multicurrencies can be chosen for the dummy file. Question: May I ask how to switch to multi-currencies for my case? many thanks!
Purchased a Computer from Microsoft.The Computer was financed through Klarna. Full price financed, terms of 24 months, no interest if paid off by then. Paid off in 12-mos.The purchase price $2,900. The statement shows credit limit at amount being financed, where it looks like a credit account that is all the sudden maxed out. But then I have also seen where, as this is an asset, that it is setup as a short term liability and then wrote down. Just finding some have used liability and some have used credit to possibly take this. Can anyone give me a good direction to record this transaction? Thank you so much.
