Hi
We're trying to work out the right way to do this with only some experiences of balance sheets. Its a brand new Quickbooks and brand new company so there is little on there at the moment.
There was a certain amount of start up costs before the business started trading.
2 owners, so for example owner A put in £2000 and owner B £2000 which was spent on small items to help the business be set up.
I want to record them as opening equity but with the capabilities of paying it back as the business begins to make a profit.
The way I've done it has created a weird movement on the opening balance equity account and after a bit of google research Ive seen that this is a problematic thing for a lot of people.
SO my basic question is how do I correctly record these start up costs in quickbooks with the ability to be able to pay them back as and when we can.
Thanks for any advice
IG
We're trying to work out the right way to do this with only some experiences of balance sheets. Its a brand new Quickbooks and brand new company so there is little on there at the moment.
There was a certain amount of start up costs before the business started trading.
2 owners, so for example owner A put in £2000 and owner B £2000 which was spent on small items to help the business be set up.
I want to record them as opening equity but with the capabilities of paying it back as the business begins to make a profit.
The way I've done it has created a weird movement on the opening balance equity account and after a bit of google research Ive seen that this is a problematic thing for a lot of people.
SO my basic question is how do I correctly record these start up costs in quickbooks with the ability to be able to pay them back as and when we can.
Thanks for any advice
IG