QuickBooks Business To Personal Equity Transactions

Description

Business Owners MUST withdraw money from their company to live. They Must Invest their own personal money to create the business. Very often they must spend business money from non-business accounts or pay non- business personal expenses from the business bank account. These transactions are normal! You will learn how any company would record them in to QuickBooks.

In this QuickBooks Desktop Course, you will learn and master every idea that relates to owner’s equity and transactions that involve owner’s equity accounts. QuickBooks will create these equity accounts in the chart of accounts. You will understand the meaning and reason for each of them.

You will finally get a clear explanation about “opening balance equity” and “retained earnings” and how they are used in QuickBooks.

You will also learn everything you need to know about “tax mapping” in QuickBooks. You will see how to change the company type as well as change the company tax form. The main focus of this course is to give the QuickBooks user an understanding of how to record transactions where the owner spends from his or her personal funds for business reasons or spends business funds for non- business reasons. You will also have a clear understanding of retained earnings and how it behaves in QuickBooks regarding the fiscal year end. It is easy and clear to do all of these things after taking this course.

You will know the meaning of every different Company Type available in the QuickBooks Desktop set up. You will learn what each different equity type of account in QuickBooks, as well as general accounting, is used.

The course is made with QuickBooks desktop for windows. However, the ideas apply to QuickBooks online as well as QuickBooks for Macintosh and Enterprise solutions.

I'm right here for you if you have any questions or need support. I hope you learn well and enjoy the course!

-Mark

What You Will Learn!

• Record Transaction Where The Owner Pays Business Expenses From Personal Funds
• Record Transaction Where The Owner Pays Non- Business Expenses From The Business Bank Account
• Record Withdrawls Of Cash, And Non-Cash Assets From The Business For Personal Home Use
• Record Investment Of Cash, And Non-Cash Assets In To The Business From The Owner
• Identify Retained Earnings And What It Represents
• Record Distribution Of Partnership Income Into The Equity Accounts
• Change The Fiscal Year In The Company File
• Change The Company Tax Form In The Quickbooks File
• Map Accounts To Lines In The Company Annual Federal Income Tax Form

Who Should Attend!

• Anyone Who Needs To Keep Financial records Of A Business
• Anyone Who Pays Business Epenses From Personal Accounts
• Anyone Who Spends Business Money For Personal, Non-business, Home use
• any partnership that distributes the shared income periodically
• Anyone Who Withdraws Assets Or Cash From Thier Business For Non-Business Personal Home Use

TAKE THIS COURSE