QB Issue Resolution:
“I created a Bank a/c called ‘Owner’s Fund’, and deposit $5000 from ‘Owner Contribution’ to ‘Owner’s Fund’.”
You can make that deposit entry in advance, or at the end. That is up to you.
“Now: Owner Contribution is 5000, and Fund is 5000
I enter billed $2000, and paid from ‘Owner’s Fund’.
Now: Owner Contribution is 5000, and Fund is 3000
Next, if I bring the Owner’s Fund to 0,”
You don’t bring it to 0 now. You only “bring it to 0” when it runs negative. And I would not “prefill” it, either. When a purchase has been made, enter that purchase. Make sure to offset it timely, to bring the Bank account from negative to 0.
“where did that $3000 go?”
Well, you would see this, for your example, which really is too much work:
And Owner Funds Bank=
In other words, you removed it as Asset, which removed the Equity you first put in. Which is backwards.
Do it like this:
Deposit from Equity = 2000
Resolution for Issue 'How to enter item cost for inventory contributed by owner & how to enter expense contributed by owner?' available: Yes (Solved).
Source: Intuit Community forum.
How to enter item cost for inventory contributed by owner & how to enter expense contributed by owner?: 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 Expense
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