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Posted by Laura on May 7, 2008, 10:12 am
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>>> >>> Good morning:
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>>> >>> 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.- Hide quoted text -
>>>
>>> - Show quoted text -
>>
>>>When you make a deposit or write a check you can select the owner's
>>>equity account--you just have to scroll up to find it.
>>
>> Do I have a setting incorrect? In Write checks I only have "bank"
>> accounts to chose from and in Make deposits I only can post to Asset
>> accounts? No option to deposit to an Equity account such as Owner's
>> Contribution or Owner Draw.
>
> If the Owners Pety Cash account is set up as a bank account then it will
> show up when issuing checks just like any other bank account.
I am aware of that. That is basically what I have had to do in my own
company file. I actually set up Petty cash and a checking account so that I
could distinquish exactly where the money came from so that I could cross
reference those transactions with my quicken file that contains all of my
checking account transactions.
But Michelle implied that you could write checks & make deposits that impact
an equity account and I was questioning that capability.
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