QB Issue Resolution:

the idea is to get all of last years equity activity into equity

 

so you clear investment to equity, debit investment for the balance in the investment account & credit equity

then you clear drawing to equity, debit equity and credit drawing for the balance in the drawing account

 

ie

lets say it looks like this

[name] equity
>> equity 25,000

>>equity drawing 10,000

>>equity investment 12,500

 

journal entry

equity investment, debit 12,500
equity, credit 12,500

 

now the accounts look like

[name] equity
>> equity 37,500

>>equity drawing 10,000

>>equity investment 0

 

journal entry

debit equity, 10,000

credit equity drawing 10,000

 

now the accounts look like

[name] equity
>> equity 27,500

>>equity drawing 0

>>equity investment 0

Resolution for Issue 'Owner’s Contribution and Draw' available: Yes (Solved).
Source: Intuit Community forum.

Owner’s Contribution and Draw: 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.

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Error Recovery for Contribution and Draw [Canada]
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