In the below article, you learn how to record owner investment in QuickBooks Online, you will also know how to set up an owner or partner in QuickBooks. Let’s start the article. QuickBooks is multipurpose accounting software that is one the most demanding. Sometimes you need to record Owner investment in QuickBooks. As the name indicates in this process the amount which is invested by the owner or partner to keep running the business is recorded.
How to Record Owner Investment in QuickBooks Online
Simply follow the below steps to record owner investment in QuickBooks Online.
- In QuickBooks click on the +New icon and select the “Bank Deposit” option.
- Select the bank account to which owner investment needs to be deposited, you can get this option under the Accounts drop-down menu.
- Now mention the date when the money was deposited.
- Now go to add funds to this deposit section and mention the name of the owner investor or partner in the Received from the field.
- In the next step, click on the drop-down available under the Accounts option and select the equity accounts, which is created earlier.
- Choose the payment method and amount invested in the Amount field.
- Now save all the information entered and close.
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Frequently Asked Questions
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Is it Important to Set up an Owner or Partner in QuickBooks?
Yes, it is very much required to record owner or partner investments in QuickBooks. It is required to know how much amount partner or owner has invested in the organization to keep running or start it. Simply go to QuickBooks >> Expenses >> select Suppliers >> click on new suppliers and at last enter all information which is asked and set up is done.
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What is an Equity Account in QuickBooks?
An equity account is an account, through which you can track the invested amount. This equity keeps track of all the amount invested by the owner or partner in the business. You can also say that equity accounts are the capital accounts used in accounting that track financial transactions of business on behalf of partners or owners.
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Can we Create Multiple Equity Accounts?
Yes, why not, it can be easily done through the Subaccount option. Multiple equity accounts can be added when there are multiple owners or partners. When it is created it looks like
● Equity(Parent Account )
● Owners Draw(sub-account of owner equity)
● Owners Investment(sub- accountant of owner equity)
