Mikeg ✭✭✭
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- Username Mikeg
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Re: owner equity vs owner investment
@wathsala_2020, The entry is Debit assets (Furniture and Computers) and credit either owner equity or owner investment/drawings. If you are in the US, you would use what you paid for the amounts unle… (View Post)1 -
Re: SEP IRA for a previous year
@NimbusUnlimited, You can go two ways with this. First, a SEP is considered an employer contribution (unlike an IRA). However, the business does not take a deduction for the SEP as a single member LL… (View Post)1 -
Re: S-Corp Shareholder Distributions
@tristpt, The correct place is the equity section of the balance sheet. You can either use owner draw or create an account "Distributions" in the same equity section. Think of distributions… (View Post)1 -
Re: How to categorize LLC annual report expense?
@justme, You can add an operating expense for Fees and Permits or Taxes-Other. Go to Accounting/Chart of Accounts/Expenses and add and operating expense. Categorize accordingly. (View Post)3 -
Re: How to create a transfer between two accounts (e.g. categorize a credit card payment)
@Peter_Collery, Having the credit card connected to Wave and overpaying your statement due creates a negative liability. In essence an asset. I would leave as is and be sure that your negative liabil… (View Post)1
