[GNC] Business Account Set Up Question & Customer Billing Question

[Stephen M. Butler]

On 08/21/2018 07:31 PM, Khristine Ann Ramella wrote:
> OK, so trying to use gnu for business. Have a two person llc. I set up the equity accounts like shown based on all the research on gnuhelp and general accounting I could find.
>
> Each member contributed 720 to start the business. The first person 720 was put in checking immediately. I put it under Opening Balances and sent it to checking. So far so good. The second 720 came in a month later. When I go to make the deposit to the checking account how do categorize it?
>
> Also, why does Equity only show as 740 ? Shouldn't it be 1440 to represent the 720 from each member?
>
> [cid:image001.jpg at 01D4399E.B10A5F50]
>
> I also have a billing question. When I enter a credit card charge or checking account debit, I want to be able to assign a customer & their specific job  to the purchase. We buy & bill out a lot of supplies for each client-most with an upcharge so it isn't an even swap. In  Qbooks you can just check a box and assign the purchase or invoice to the customer job, so I can see expenses versus billing right away for the customer and their job. I did some gnusearch on this and didn't really get a clear cut answer.
>
> I would hate to have to go back to QB but this is a deal breaker-lots of parts for each customer and each customer has lots of jobs (installs/service calls)
>
> Thanks so much for your expertise!!!
>
>

Oh.  I looked at the image again.  It looks like you have a bunch of
sub-accounts under Equity that offset each other except for the opening
balance of 740.  I'd talk with a CPA about how they want the COA structured.

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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