Accounting Help? (GnuCash 2.6.11)
Greg Feneis
mfeneis at gmail.com
Wed Mar 9 19:58:04 EST 2016
Hi Rafael,
Thanks for getting back to me. I didn't mean to link the two examples
together. That is, at some point during the operation of my business I may
want to take some pay out of it. When I write a check to me and pay
myself, how do I account for that? Do I just create an expense account
called pay or something and use that?
Then, in a different circumstance, at some point I may need to add money to
the company so it can buy some equipment or some such. How do I account
for adding money to the company. If I only deposit to the business
checking, then the accounts receivable account goes negative because I
haven't invoiced for it. At least that seems like what goes on. Is this
called adding capital to the business?
Kind regards,
Greg Feneis
650-678-4670
<http://www.linkedin.com/in/electromechanical>
On Wed, Mar 9, 2016 at 4:14 PM, Rafael Sánchez Treviño <elrafasan at gmail.com>
wrote:
> Hello Greg,
>
> I would say that you need to make a credit to an account payable (you) and
> then a debit. I mean, it is like you are lending money to your business (so
> it owes you), then you will debit that account when the business pays you.
>
> For instance:
> 1.
> Cash 100
> Accounts Payable:Greg 100 (This is a liability
> account)
> Loan to buy this fancy equipment
>
> 2.
> Accounts Payable:Greg 100
> Cash 100
> To pay back the loan.
>
> Let me know if that helps. Regards
>
>
> On Wed, Mar 9, 2016 at 5:56 PM, Greg Feneis <mfeneis at gmail.com> wrote:
>
>> Hi Folks,
>>
>> I've got this small business
>> (sole proprietor, cash basis)
>> and I converted from Quickbooks back at the beginning of 2013.
>> So far so good, I think, except I'm not certain I'm accounting
>> correctly
>> when I add my personal money to the business in a case where my business
>> needs an expensive piece of equipment and there's not enough in the
>> business checking account to cover it. Also, when I pay myself from the
>> business checking account, how should that be correctly accounted for?
>>
>>
>> Thanks!
>>
>>
>>
>>
>> Kind regards,
>>
>> Greg Feneis
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>
>
>
>
> --
>
> Rafael Sánchez Treviño
> C. 818-010-6040
>
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