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Posted by Laura on May 6, 2008, 8:46 am
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>>
>>> Good morning:
>>>
>>> How do I post an Owner's Contribution to a business expense on QB
>>> 2005, without using the JE?
>>>
>>> Thanks, Lynne
>>
>> I don't think you can. Your OC account is an equity account. Make
>> Deposits and Write checks functions only allow you to access Asset
>> accounts. I have this issue with my own books when I need to pay for
>> something out of personal funds. I end up using a JE because I have not
>> figured out a work around short of calling the OC a bank account.
>
> Whats with the issue bit? Making a journal entry is no big deal.
>
> That said, since there is no real tax distinction between the business
> (sole proprietor) and the owner it is a simple matter to create a bank
> account called Owners Petty Cash. The inital large deposit can be posted
> to Owners Capital. Use the new bank account to record any out-of-pocket
> expenditures.
I ended up skipping the deposit part of your suggestion and just made
accounts corresponding to my bank account and credit card so that I could
identify the funds used to pay for the business expenditures.
I agree with your other comment that a JE is not a sin. I hate the way that
Intuit ignores the fact that expenditures and/or deposits sometimes need to
be applied to non-asset accounts. I'm sure they felt it necessary to
restrict users from accessing other accounts in an attempt to keep the
number of errors small.
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