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April 10, 2024
Question

How do I categorize counter credits as equity contributions?

  • April 10, 2024
  • 1 reply
  • 0 views
They are showing up as Sales or Payroll expenses, but they are equity contributions. I do not see that as an option.

1 reply

April 10, 2024

You're in the right place, Elizabeth.

 

I'd be happy to guide you in making sure you can categorize counter credits as equity contributions.

 

If the account you want to use as a category isn't showing when categorizing a transaction, you can add a new category. 

 

To do this, here's how:

 

  1. Go to the Gear icon in the upper right corner.
  2. Select Chart of accounts
  3. Click the New button at the upper right-hand.
  4. Enter the Account name like Equity Contributions.
  5. Select Equity as an Account type.
  6. Choose the correct Detail type.
  7. Enter the other necessary information.
  8. Click Save.

 

Once done, try to categorize the counter credit again as Equity Contributions.

 

To ensure hassle-free reconciliation of your account in the future, you may refer to our article on the best practices for the reconciliation workflow in QuickBooks. It also guides how to overcome challenges during the reconciliation process.

 

Feel free to come back to the Community again if you need further assistance categorizing your transactions. I'll be more than happy to answer them for you.