It took me more time than I wanted to grasp Quickbooks. But here are some important tips, to help you get started:
- Any money that you spend before the formation date of your company should be entered into the Journal Entry (Company-->Make General Journal Entries). Under the "Account" it should be labeled as 18000 - Organizational Expenses, put in how much you spent in the "Debit" column, then type in a Memo (ex. computers, or incorporation of company). Quickbooks will then create a line below it automatically that will "Credit" it, so just make sure you label the "Account" as 31000 - Owner Equity.
- If you put in any of your personal Cash or Capital after the formation of your company, this is entered into the Journal Entry also. The "Account" should be labeled as "Owner Equity"
