QB Issue Resolution:
assuming the business is taxed as a sole proprietor (schedule c) or a partnership (form 1065), make an entry in the equity investment account register as an increase and use either the appropriate expense account, or create one expense account called start-up expenses and post them all to it, use the memo block for explanations. At tax time your tax accountant can reclassify them to the accounts they belong to.
I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
owner/partner equity drawing – you record value you take from the business here
owner/partner equity investment – record value you put into the business here
If you are taxed as a s or c corp, you should talk to a tax accountant and get started correctly concerning shareholder capital and required payroll
you have the old bank account created and transactions in it, create a new bank account and use the plus sign menu other>transfer funds and move the balance from the old to the new bank account. The old bank account needs to remain in the chart of accounts so the transactions are present too
Resolution for Issue 'Hello, we are a new company about 4 months old. A couple questions about initial start-up and categorizing expenses and such.' available: Yes (Solved).
Source: Intuit Community forum.
Hello, we are a new company about 4 months old. A couple questions about initial start-up and categorizing expenses and such.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for about 4
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