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Owner's Investment - Software Purchase

DaddyRabbit78DaddyRabbit78 Member Posts: 3

I just started a very very small computer repair LLC where I am the only employee. I used my own money to purchase some software to use for my business (not for resell).

Right now, I have this in transactions as:

Account: Owner's Investment/Drawings
Category: Owner's Equity

Is this correct?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @DaddyRabbit78,
    It can be done one of two ways.
    First, create a journal entry. Debit Software expense and credit owners investment or a second way is on the transaction page (Accounting/Transactions) enter and expense. Complete the info. Be sure the account is set to Owner Investment.

  • DaddyRabbit78DaddyRabbit78 Member Posts: 3

    The journal transaction was just what I was looking for! THANKS!

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