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Ziptec_Innovations
March 31, 2022
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Entering a member's contribution to equity

  • March 31, 2022
  • 1 reply
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We (as owners) are making a contribution to our existing LLC company. We have member equity accounts set up already, but I'm not sure if that's the correct account to use, and how to show the deposit of our funds into the equity account. I am using the desktop version of QB.

Best answer by BigRedConsulting
@Ziptec_Innovations wrote:

How do I make a deposit to an equity account? Sorry if this is a stupid question - I'm very new to QB.

 

Make the deposit using the deposit form, picking the appropriate bank account at the top, and then use the appropriate equity account in the detail area of the deposit form.

 

Or, open you bank register and create the deposit there, again using the equity account as the account.

1 reply

BigRedConsulting
BigRedConsulting
March 31, 2022

Create a deposit for the finds being contributed and use the appropriate equity account.

Z
Ziptec_InnovationsAuthor
April 1, 2022

How do I make a deposit to an equity account? Sorry if this is a stupid question - I'm very new to QB.

MarsStephanieL
MarsStephanieL
April 1, 2022

It's great to see you again, @Ziptec_Innovations. I'd be happy to help you with how to make a deposit in QuickBooks Desktop (QBDT).

 

You can create a Journal Entry transaction to enter debits and credits manually. However, before doing this step, I'd recommend speaking with your accountant to ensure that your debits equal your credits when you’re done and to avoid getting balancing issues in the future.

 

Here's how to create a Journal entry:

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. On the debit column, enter the account and the amount which you want to take it from. Then, on the credit column, enter the Equity account and the amount equal to the one you've entered in the debit column.
  3. Click Save or Save & Close.

 

For more details about this process, you can check out this article: Create a journal entry in QuickBooks Desktop for Windows or Mac. This contains tips and steps for the other processes using a Journal entry transaction.

 

Moreover, here's a link to find an accountant that's near your location if you don't have one: Find a QuickBooks ProAdvisor - Intuit.

 

I'll be around if you have additional questions or concerns. Please don't hesitate to let me know in the comment section. Take care!
 

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