QB Issue Resolution:
I have paid funs into my business over the last few months but did not know how to enter them correctly. Am now doing the bank rec and would like to correct these errors.
If you file taxes as a sole proprietor then you can not loan money to the business, since the business is legally you.
The money you put into the business (sole proprietor) is an equity investment, and later if you take money out of the business then that is an equity draw.
If you are taxed as a partnership, you have a choice, an equity investment or you create a company liability account named for yourself and the company pays back that debt
For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
[name] Equity (do not post to this account it is a summing account)
>> Equity Drawing – you record value you take from the business here
>> Equity Investment – record value you put into the business here
Resolution for Issue 'How do I enter funds I have paid into the business from my own account' available: Yes (Solved).
Source: Intuit Community forum.
How do I enter funds I have paid into the business from my own account: 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 business
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