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mobern
January 1, 2024
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Journal entry

  • January 1, 2024
  • 1 reply
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When I add funds to cover expenses that exceed my income for rental property, what journal entry is to be done?

Best answer by Rainflurry

@mobern 

 

There's no need to make a journal entry, just create a bank deposit.  That creates the proper journal entry but uses a deposit-type transaction which is better for reporting.  Assign the appropriate equity account to the deposit based on whether this is a sole proprietorship, S-Corp, or ?? 

1 reply

Rainflurry
RainflurryAnswer
January 2, 2024

@mobern 

 

There's no need to make a journal entry, just create a bank deposit.  That creates the proper journal entry but uses a deposit-type transaction which is better for reporting.  Assign the appropriate equity account to the deposit based on whether this is a sole proprietorship, S-Corp, or ?? 

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