Welcome aboard to the Community, @joe116. Let me show how you can record the contribution in QuickBooks Online. You can use an equity account and add your partner as a vendor to track the contributions to your business. It allows you to check what someone invests and makes from a business through your Chart of Accounts. To create a vendor: Go to the Expenses menu and then select Vendors.Select New Vendor.Fill out the form and select Save.In case you need to create another equity account: Go to Settings ⚙, then select Chart of Accounts.Select New.From the Account Type ▼ drop-down, select Equity.From the Detail Type ▼ drop-down, select Owner's Equity or Partner's Equity depending on your situation.Hit Save and Close. Once done, we can now proceed with recording the deposit into the system. Please follow these steps: Click + New in the upper-left corner.Select Bank deposit.From the Account ▼ drop-down, choose the bank account you're depositing the money into.Enter the deposit date of the money.In the Add funds to this deposit section, enter the name of the investor in the Received from field.Select the appropriate equity account from the drop-down list in the Account field.Specify a Payment method.Enter the investment amount in the Amount field.Select Save and close. I've also included the following articles you can use to handle the partner's contributions, like the deposit process: Add an owner or partner to your books.Track personal money or investments to your business.Record paying back an investment. Please know that I'm just a post away if you have any other questions. Have a great day ahead.

Question

I need to manually enter a deposit that is a partner contribution. How do I do that?

Forum|Forum|6 years ago
May 21, 2020
4 replies
48 views

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QuickBooks Online

AlcaeusF

Level 14

Welcome aboard to the Community, @joe116.

Let me show how you can record the contribution in QuickBooks Online.

You can use an equity account and add your partner as a vendor to track the contributions to your business. It allows you to check what someone invests and makes from a business through your Chart of Accounts.

To create a vendor:

Go to the Expenses menu and then select Vendors.
Select New Vendor.
Fill out the form and select Save.

In case you need to create another equity account:

Go to Settings ⚙, then select Chart of Accounts.
Select New.
From the Account Type ▼ drop-down, select Equity.
From the Detail Type ▼ drop-down, select Owner's Equity or Partner's Equity depending on your situation.
Hit Save and Close.

Once done, we can now proceed with recording the deposit into the system. Please follow these steps:

Click + New in the upper-left corner.
Select Bank deposit.
From the Account ▼ drop-down, choose the bank account you're depositing the money into.
Enter the deposit date of the money.
In the Add funds to this deposit section, enter the name of the investor in the Received from field.
Select the appropriate equity account from the drop-down list in the Account field.
Specify a Payment method.
Enter the investment amount in the Amount field.
Select Save and close.

I've also included the following articles you can use to handle the partner's contributions, like the deposit process:

Please know that I'm just a post away if you have any other questions. Have a great day ahead.

G

Grovegal

@AlcaeusF thank you so much for the steps of a contribution. That’s just what I needed. Would you be so kind as to add steps to pay back that contribution. I am the sole owner of an S corp. I advanced money from my personal account to establish the business account. I want to pay myself back for that advance. Thank you!

C

ChristieAnn 11

Level 9

Thank you for visiting again the QuickBooks Community, Grovegal. I'll ensure to share steps so you'll be able to pay back the contribution.

To start with, you'll have two options on how you can pay back a capital investment after you record an investment or contributions. First, you can pay with an actual check if you’re going to send someone a paper check.

Here's how:

Choose the + New button.
Select Check.
Enter the person or business you’re paying back.
Put a check number.
Enter the information in the Category Details section. Like, in the first line, the equity account you use to track the investment in QuickBooks and the amount you're paying back today.
On the Second Line, the Expense account you use to track the interest you pay and the amount of interest that is part of your payment today.
From the Other lines, any additional fees and their appropriate accounts.
Click Save and close.

However, if you’re paying someone back with a debit or credit card, you can record the repayment as an expense. You can click this article to see the detailed steps on how to perform the process: Enter and manage expenses in QuickBooks Online.

Lastly, you may refer to this article to view details on how you can record a loan from the officer or owner of the company by setting up a liability account in the QBO: How to record a company loan from a company officer or owner.

If you have any other questions about recording entries in QBO, please let me know by adding a comment below. I'm always here to help. Keep safe!

Rustler

Level 15

@joe116

Obviously if you have a partner in the company then you do not need a NEW equity account as @AlcaeusF shows you

use make deposits and select the equity or better the equity investment account for the partner

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

Tiffiny Taylor Krugh

Additional related question.

Here is the situation:

$185,000 cash was received into a business with a $200,000 value purchase of stock. It is not a loan but, equity purchase.

I recorded the $185,000 as a deposit against an equity account, how do I record the $15,000 additional valuation?

G

Giovann_G

Moderator

Hello, Tiffiny.

I'll show you how to record this additional valuation in QuickBooks Online.

If you are buying or investing in stock, you should do so under asset account. QuickBooks Online doesn't support investing or purchasing equity.

As a workaround, you can record it as an expense to track the equity purchase. Before proceeding, you can designate the equity purchase or stock investment as a vendor, and the posting account should be asset so that it does not affect the profit and loss statement (P&L).

Here's how:

Click the + New icon.
Select Expense.
In the Payee field, locate the equity or stock investment you assign as a vendor.
Fill in the Payment account, Payment date, and Payment method.
In the Category column, choose the asset account. You select Add new if asset account isn't set up.
Enter a description and the amount.
Once done, hit Save and close.

I also recommend that you contact your accountant. They may have a different method of recording the transaction to ensure your books remain accurate.

If this is a capital investment, you can learn more about how to record it in QuickBooks Online by reading this article: Record an owner's contribution or capital investment in your business.

I've included this resource for future reference to learn how to personalize your report to show only the data you need for your business: Customize reports in QuickBooks Online.

You're always welcome to post again if you have further questions or other QuickBooks concerns. We're here to help you.

F

Forkan Uddin

Dear Friend,

I have a small business.

May I use Quicbook from Banglaesh?

Tori B

QuickBooks Team

Hey there, @Forkan Uddin.

Thanks for following the thread.

Yes, you can use QuickBooks from Bangladesh. You can see a list of our available countries in Choose your country for QuickBooks. I've included the link to our purchasing page below.

Purchase QuickBooks

Don't hesitate to let me know if you have further questions or concerns. You can reach out to the Community at any time. Take care!

F

Forkan Uddin1

Dear,

I am Md. Forkan Uddin from Bangldesh. I want to pay subscription from my American express card for purchase quick book online plus plun, but I can not to pay the subscription.

please help me to buy the plan.

L

lin_jcaj

Level 9

Thanks for choosing QuickBooks Online, Forkan Uddin1 .

We offer different ways and payment methods for your QuickBooks Online plan. Here are the lists of accepted credit and debit cards for QBO subscriptions. Please be reminded that the card must have a US-based billing address. US territories are excluded.

Visa
MasterCard
American Express
Discover

You may also want to use a personal credit card and get reimbursed later.

Please check out these articles for additional guide and reference:

Please let me know if I can be of any additional assistance. I'd be glad to help.

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