Hi,
I started a new business and before I set up Quickbooks and a banking checking account, I had expenses that I paid out of my personal pocket. I recorded them now as employee reimbursement expenses. However, I also want to record the amount as initial capital investment (as this total amount is the amount I declared in creating my LLC). I figure it is some sort of journal entry like a credit to Opening Balance Equity, but not sure what to debit.
Please help!
I started a new business and before I set up Quickbooks and a banking checking account, I had expenses that I paid out of my personal pocket. I recorded them now as employee reimbursement expenses. However, I also want to record the amount as initial capital investment (as this total amount is the amount I declared in creating my LLC). I figure it is some sort of journal entry like a credit to Opening Balance Equity, but not sure what to debit.
Please help!