QuickBooks Company Type, Equity Accounts And Tax Mapping
3.4 هزار بار بازدید -
7 سال پیش
-
In QuickBooks desktop, the company
In QuickBooks desktop, the company type you choose will determine the owner’s equity type of accounts that QuickBooks will input into the chart of accounts by default when you first create the company file. No matter what company type you choose, there will always be a “retained earnings” type of account that will show the balance of all prior year’s accumulated net income or loss. The name may be different, but the function of the equity account will be the same. There will also always be an “owner’s capital investment” type of account regardless of the name. The function this serves is to show what the owner has invested in the company in the way of assets or cash. You can change the company type in the “my company” window. This will not change the equity accounts that QuickBooks has for you in the chart of accounts. However, it will require that you re-do any tax mapping you may have done. This is because changing company type also allows you to change the company tax form. Therefore, any accounts that you did tax mapping with to help identify which accounts in your general ledger go to a specific line in the company tax form may need to be re-done in the new tax form you changed over to.
This YouTube owner’s equity playlist will show you everything you need to know about owner’s equity. Owner’s Equity in QuickBooks and QuickBooks Online involve equity transactions and owner’s equity accounts, in order to properly show the true amount of ownership claim or ownership rights an owner has in a company using QuickBooks desktop or QuickBooks online. I’m happy to show you what is owner’s equity and what the official definition of equity really means. After you are clear in the explanation of owner’s equity ideas, you will learn about the owners’ equity accounts in any company’s general ledger. You will learn, in the QuickBooks desktop or online chart of accounts, the equity type of accounts that both will automatically put in your chart of accounts. In QuickBooks desktop, the equity accounts given depend on the company type. In QuickBooks online however, the default equity accounts depend on your subscription level. You will always have in either: opening balance equity, retained earnings and the equivalent of owner’s capital investment and owner’s withdrawals. All the other equity accounts will be added based on any changes you make. I will help you learn how to make owner’s equity transactions like investing cash and assets or withdrawing owner’s draws or dividends in any cash or asset form. The playlist will show you all about monthly equity adjustments such as: distributing partnership income, closing the books, closing entries and income summary adjustments. Watching this QuickBooks equity course will give you everything you need to know about owner’s equity. Please watch all videos to know how to record all owner-related transactions where money or assets are coming to or from the owner as capital investment or owner’s withdrawals like dividends if it’s a corporation. Once you understand owner’s equity ideas and equity-related concepts, everything else in basic accounting is easy.
Here is the link to the whole Equity QuickBooks playlist with every topic you could need:
What is Owner's Equity?
Set Up Opening Balances In QuickBooks desktop or QuickBooks Online
QuickBooks Opening Balances And Corre...
Learn Basic Accounting
Accounting Classes For Slow Learners ...
You can learn QuickBooks Free and get every answer and QuickBooks solution to every QuickBooks challenge or problem you could have at the main channel page:
worldwidequickbooks
This is the best and clearest QuickBooks instruction online and the best QuickBooks tutorials to teach yourself QuickBooks.
✅ You can download "follow along files" for this video at:
https://marksmolen.com/index.php/yout...
👉Subscribe for more videos:
http://bit.ly/thequickbooksdude
Other Related Videos 👇
Prove QuickBooks Desktop Records Correct QuickBooks Desktop Bank Reconciliation
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➡Follow us on social media:
Facebook: certifiedquickbookstraining
Facebook: QuickbooksForLandlords
Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional YouTube Channel and Website.
➡Get In Touch Today Have a question or need help with your QuickBooks Instructional Course? Contact Mark directly.
https://marksmolen.com
https://quickbooksforlandlords.net
#quickbooksequityaccounts #quickbookstaxmapping, #quickbookscompanytype
This YouTube owner’s equity playlist will show you everything you need to know about owner’s equity. Owner’s Equity in QuickBooks and QuickBooks Online involve equity transactions and owner’s equity accounts, in order to properly show the true amount of ownership claim or ownership rights an owner has in a company using QuickBooks desktop or QuickBooks online. I’m happy to show you what is owner’s equity and what the official definition of equity really means. After you are clear in the explanation of owner’s equity ideas, you will learn about the owners’ equity accounts in any company’s general ledger. You will learn, in the QuickBooks desktop or online chart of accounts, the equity type of accounts that both will automatically put in your chart of accounts. In QuickBooks desktop, the equity accounts given depend on the company type. In QuickBooks online however, the default equity accounts depend on your subscription level. You will always have in either: opening balance equity, retained earnings and the equivalent of owner’s capital investment and owner’s withdrawals. All the other equity accounts will be added based on any changes you make. I will help you learn how to make owner’s equity transactions like investing cash and assets or withdrawing owner’s draws or dividends in any cash or asset form. The playlist will show you all about monthly equity adjustments such as: distributing partnership income, closing the books, closing entries and income summary adjustments. Watching this QuickBooks equity course will give you everything you need to know about owner’s equity. Please watch all videos to know how to record all owner-related transactions where money or assets are coming to or from the owner as capital investment or owner’s withdrawals like dividends if it’s a corporation. Once you understand owner’s equity ideas and equity-related concepts, everything else in basic accounting is easy.
Here is the link to the whole Equity QuickBooks playlist with every topic you could need:
What is Owner's Equity?
Set Up Opening Balances In QuickBooks desktop or QuickBooks Online
QuickBooks Opening Balances And Corre...
Learn Basic Accounting
Accounting Classes For Slow Learners ...
You can learn QuickBooks Free and get every answer and QuickBooks solution to every QuickBooks challenge or problem you could have at the main channel page:
worldwidequickbooks
This is the best and clearest QuickBooks instruction online and the best QuickBooks tutorials to teach yourself QuickBooks.
✅ You can download "follow along files" for this video at:
https://marksmolen.com/index.php/yout...
👉Subscribe for more videos:
http://bit.ly/thequickbooksdude
Other Related Videos 👇
Prove QuickBooks Desktop Records Correct QuickBooks Desktop Bank Reconciliation
1 - What Is Bank Reconciliation - Qui...
Prove QuickBooks ONLINE Records Correct QuickBooks Online Bank Reconciliation
QuickBooks What Is Bank Reconciliatio...
➡Follow us on social media:
Facebook: certifiedquickbookstraining
Facebook: QuickbooksForLandlords
Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional YouTube Channel and Website.
➡Get In Touch Today Have a question or need help with your QuickBooks Instructional Course? Contact Mark directly.
https://marksmolen.com
https://quickbooksforlandlords.net
#quickbooksequityaccounts #quickbookstaxmapping, #quickbookscompanytype
7 سال پیش
در تاریخ 1396/05/16 منتشر شده
است.
3,445
بـار بازدید شده