How to Record Outside Capital for Business

[Matt McCormick]

Hi there,

I have an accounting question regarding entering transactions into Gnucash.

I have entered into a partnership for a business.  My partner is
providing all the capital at this point.  However, there is no
separate business bank account yet so I am just keeping the money in
my personal bank account.  I am also paying myself a "salary" out of
the investment for doing the work.

For example:
- Partner provides me with $1000 which goes into my personal bank account
- Out of that, $500 will be paid to me as a salary and $500 will be
used for other business expenses

I cannot figure out how to record this properly in Gnucash. I tried
setting up the business as an equity account but don't know how to
enter a transaction that would show up as income for me.

Would someone be able to help me figure out the proper accounting for this?

Thanks

Matt