Question by Glenn P: I’m using QuickBooks Pro 2007. I need to account for a deposit of personal funds into the business account.
$ 400 dollars of personal funds were deposited into a business account. How is that properly accounted for in Quickbooks in the business account? Thanks
Answer by Joseph T First, you can not comingle personal and business money in a business. It really messes up the books. There is no proper way to account for the money.
If that is not the case, and you are giving money to the business you can do it one of two ways – you can invest it in the business or loan it to the business. Investing you would book it to your Equity account (you need to do a journal entry, debit Cash, credit your Equity account), loaning it you would book it to Liabilities (debit cash, credit loans payable).
Video from our FREE Online Business Course www.myownbusiness.org Session 1 – Evaluating Business Potential Question “What recommendations do you have for someone just starting out in business?” Stan Henslee Certified Public Accountant (CPA) Topics covered in this video: Business recommendations, experience, funds, cash, capital, support, family Transcript: Well there are a number of things I think that they should do. Number one, they should talk to other people that are already in the industry and ask them what they feel they need to know. Learn as much as you can from others who have already started their own business and been successful and find out what some of their secrets were. Number two, make sure that you’re going to be adequately capitalized so that you have the necessary funds to get your business started and to support you for a while, while the business is growing. Number three, make sure that you have your family’s support, both emotionally and sometimes even financially. And number four, take stock of your emotional ability to deal with some of the disappointments that are going to come along in the early stages, because there will be disappointments. There will be some rough times and you want to make sure you know yourself well enough so that you can cope with those disappointments and ride them out till it all gets better.
NOW we KNOW WHY Michael J. Jackson can NOT get justice in LA…according to documents shown herein, by Dr. Shirley Moore, It would appear that Los Angeles Judges, have been running a crooked SLUSH FUND for a long time, and Certificates of Participation and their crooked use should bring Jail time to judges… got a comment on how to restore Accountability, when Judges are almost never even challenged for re-Elections ? Video Rating: 4 / 5
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