How to setup and use Owners Equity in QuickBooks Pro

Are you a Sole Proprietor or an Entity? How do you use your Equity Accounts?

Let me show you how to set up and use Owner’s Equity in QuickBooks Desktop.

Do you pay for business expenses with money from your personal account?
This is a follow-up video from a Question.

Steps to Setting up and Using Owner’s Equity:

➡️ Setting up Owner’s Equity

Go up to “Lists”
“Chart of Accounts”
Go down to “Account”
“New”
Choose “Equity”
Click “Continue”
“Account Name”
Click “Save & Close”
**Shareholder Contribution/Distribution – Corporation

**Owner Contribution/Draw – Individual/Sole Proprietor

➡️ If you have expenses that you paid personally

Open the account in Chart of Accounts
Enter the “Date”
“Account”
“Increase” amount
Choose type of expense
Click “Record”

➡️ Adding money in your checking account

Go up to “Banking”
“Make Deposits”
“Deposit To:”
Choose “Date”
“From Account”
“Amount”
“Memo”
Click “Save & Close”

➡️ Balance Sheet Report

Go up to “Reports”
“Company & Financial”
“Balance Sheet Standard”


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Timestamps:

0:00 - Intro
0:38 - Owners Contribution in QuickBooks
1:49 - Shareholder Contrbution vs Owner Contribution
2:18 - Setup owners equity in QuickBooks
3:58 - Adding money in checking account
5:00 - Checking Balance Sheet
5:42 - Final Thoughts


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