Hi! I did a test with zelle from the business bank account to personal; three times at $1 each. In the bank statement, it should as withdrawal for each $1 that I tested. How could I categorize the three transactions? It has already messep up my reconciled month. I am short $3. Any advise?
Hello, I have done this but the chart of accounts is showing a - balance instead of a + balance. When doing the Journal entry on debit and credit, the chart of account then shows the number x2. What could be wrong?
Not clear on what you mean. But in this video I show how to clear the balance. You may be trying to clear the balance by crediting the credit card. You will need to debit the credit card and debit the equity account to clear the balance.
If the credit card has a negative amount it means it show more payments than charges. In this case you will credit the credit card and debit owner’s equity
Just create a separate partner’s distribution account to each partner. Such as John’s distribution and another Robert’s distribution. Do the same think for the contribution account remember those are equity accounts.
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Hi! I did a test with zelle from the business bank account to personal; three times at $1 each. In the bank statement, it should as withdrawal for each $1 that I tested. How could I categorize the three transactions? It has already messep up my reconciled month. I am short $3. Any advise?
Owner’s equity
Hello, I have done this but the chart of accounts is showing a - balance instead of a + balance. When doing the Journal entry on debit and credit, the chart of account then shows the number x2. What could be wrong?
Not clear on what you mean. But in this video I show how to clear the balance. You may be trying to clear the balance by crediting the credit card. You will need to debit the credit card and debit the equity account to clear the balance.
If the credit card has a negative amount it means it show more payments than charges. In this case you will credit the credit card and debit owner’s equity
How you report that owner withdraw income to the owner.
Same Carmen, you can create another Equity account for Owner’s Draw or Owner’s Distribution if you want to track them separately.
How will I categorize ATM transactions???
Treat it like cash transactions
How to spread this expenses between partners?
Just create a separate partner’s distribution account to each partner. Such as John’s distribution and another Robert’s distribution. Do the same think for the contribution account remember those are equity accounts.