UK Recording opening equity on Quickbooks

Joined
Dec 13, 2016
Messages
1
Reaction score
0
Country
United Kingdom
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
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,662
Messages
27,630
Members
21,463
Latest member
TonyL

Latest Threads

Top