QB Issue Resolution:
By dummy, I’m going to assume that you created a “Checking” account in QBO, but didn’t link it to an actual account. Transaction shave been processed through there, but as there was no balance to reduce it didn’t matter.
For the purposes of your equity question, if the owner added their own funds to than it is:
Debit to Cash $XXX
Credit to Equity $XXX
Where XXX is the amount of owner contribution.
You can do this in the General Journal option in the settings, gear icon top right. It is a bit accounting geeky, but by increasing equity, you are increasing cash. If you want a detailed explanation on how that works, I can give you that. But otherwise, that is the basic journal entry.
Resolution for Issue 'How to transfer funds from dummy account to owner’s equity?' available: Yes (Solved).
Source: Intuit Community forum.
How to transfer funds from dummy account to owner’s 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 Balance
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