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userpascalleyard
September 8, 2022
Question

We have a "membership equity" account that was missed during onboarding. What is the best way to record this in QB? JE to DR an asset and CR to Opening Balance Equity?

  • September 8, 2022
  • 1 reply
  • 0 views
We received a statement of equity from Co-op (Canadian) for an account no one knew we had, so it is not represented in our accounting records.  I want to figure out how to post this in QB.

My thoughts are that I need to do a JE and DR an asset account for this Membership Equity (I will create one), but the CR is where I am not quite sure.  Would it just go to the "Opening Equity Balance" account since it should have been there to start, or is there another account that it needs to hit instead?

Any help is appreciated, thank you.

1 reply

A
Alex M
September 8, 2022

Hi there userpascalleyard,

 

It's important that all your transactions be entered correctly so your books can be accurate. QuickBooks Online is a great tool able to help you keep track of your transactions to see the financials of your company. I can point you in the right direction for assistance.

 

In order to know which accounts you should be affecting and if there is another more effective way than using a journal entry, I recommend speaking to your accountant. They'll be able to assist in making the entries necessary for your balances to include this account so your books can be accurate. You can invite your accountant to your books in the My accountant tab. There's also a Find a pro to help button in this section that can help you find a local accountant that has experience with QuickBooks Online.

 

If you have any other questions, feel free to reach out here.

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