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I have just installed QuickBooks Premier 2012, and I am looking to make my first entry for a new-start company: a bank deposit from the owner's person funds.
The obvious thing to do, as I see it, is to create a journal entry debiting 'Bank' and crediting '3200 Owner's Equity'. QuickBooks is questioning this, stating,
"QuickBooks uses this account to track profits from earlier periods that have not yet been distributed. ...in most cases you should post to another equity account."
Thoughts, please.
Thank you.
An online suggestion is to use the 'Deposits' feature, creating a new equity account entitled 'Owner's investment' (or similar), Cr this account and Dr the bank account?
Edited at 30 Mar 2012 01:46 PM GMT
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