QuickBooks Business To Personal Equity Transactions

Learn How To Record Spending For Non-Business Transactions And Record Personal Funds Spent For Business Reasons

4.40 (25 reviews)
Udemy
platform
English
language
Other
category
instructor
966
students
1.5 hours
content
Oct 2023
last update
$39.99
regular price

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

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



Content

Introduction

Introduction to quickbooks desktop equity and tax issues course
What is Owner's Equity ?
Learn the Owner's Equity Accounts
Tax Mapping and company type
Retained Earnings and reports behavior
Opening Balance Equity
Distributing Partnership income
Paying Business Expenses from personal funds
Pay from personal funds with Tracking expenses by customer
Paying non-business expenses from company funds
Withdrawl of non cash assets by the owner
Test for QuickBooks Equity and Tax Mapping topics

Screenshots

QuickBooks Business To  Personal Equity Transactions - Screenshot_01QuickBooks Business To  Personal Equity Transactions - Screenshot_02QuickBooks Business To  Personal Equity Transactions - Screenshot_03QuickBooks Business To  Personal Equity Transactions - Screenshot_04

Reviews

Lisa
March 16, 2019
It's a pretty good match for what I was looking for in regards to Owner's Equity and Retained Earnings
Ivana
July 12, 2018
Another great course by Mark! I had previous accounting knowledge regarding this topic, but learnt new things. Clear, simple and to the point explanations and great expertise. 100% applicable to the real world. Highly recommendable!
Zia
October 5, 2017
Another great course by Professor Smolen. This is my fourth course and i am satisfied and enjoyed like the others done before. Looking forward for the next courses. Thanks again!!

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Enrollment distribution

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1335332
udemy ID
8/30/2017
course created date
11/21/2019
course indexed date
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