QB Issue Resolution:
The deposit for the vendor account is recorded as an Other Current Asset. Think security deposit or deposit on a utility account. It is an asset to you until used.
You might use a Clearing Bank account for making payments to vendors from equity contributions to avoid using journal entries which bypass names and accrual vs cash accounting
Write check from clearing to vendor, account is Other Current Asset type “Prepayment” or “Deposit on Account”. Without knowing how you can apply this deposit in future this is best. Later you can create a vendor credit to apply to a bill as needed.
Now make deposit to clearing from Owner Equity Contribution. You need minimum 3 equity accounts, 4 is preferred.
and a parent of these three Overall Equity that acts as summing that you never post to.
Resolution for Issue 'How to create new vendor with deposit from equity' available: Yes (Solved).
Source: Intuit Community forum.
How to create new vendor with deposit from equity: 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 Cash Accounting
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