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01/26/2012 at 02:08PM PST
We’ve seen a scam e-mail regarding Intuit tax information floating around today. This e-mail was not sent or authorized by Intuit. If you ever wonder whether an e-mail from Intuit is real or fake, please refer to the link below.

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http://security.intuit.com/security-alerts.php
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08/13/08 7:36pm PDT

Tracking money spent from personal account before opening business checking acct

I spent money out of a personal account to purchase software, hardware and web hosting services before I established my bank account. How do I accurately track that cost in QuickBooks?

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01/21/09 8:08pm PST

I also have the same question. I would like to add to it though... What would these items fall under in your accounts?i.e. Office Expense (other), Office expense (admin), Other Expense, Misc?

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01/23/09 11:33am PST

I enter it in as a cash purchase. You can do this by the write checks. There is a drop down menu for accounts, just select cash. Make sure you zero out your cash account at the end of the year by a journal entry. You can put it in Office expense or make sub catagories from the office expense, such as software.

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01/24/09 8:52pm PST

You have two spearate questions that require two separate answers. The software/hardware and web hosting services would be considered start up expenses. The amount of start up expenses you can deduct depends upon the structure of your business as well as the entire cost of start-up. Software and hardware MAY need to be amortized. This is something you should check with your tax professional on.

As far as putting it into Quickbooks, you should post the expenses to the owner's equity account. The money you spent is an investment in the business.

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01/28/09 12:02pm PST

I was advise by my accountant to log start-up costs which was paid with my personal money to Shareholders Distribution account. I made General Journal entries to:

DEBIT the Expense account

CREDIT Shareholder Dist.

This will keep track of your personal money loan to the business, and you should get it back once the business starts making a profit.

Hope this helps

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02/13/09 3:30pm PST

You will want to show the money as an owners investment. Do a journal entry debiting the expense or asset account and crediting an owners investment account. This account shows how much money you put into your business.

PLEASE mark this 'solved' if this answered your question. If not, please clarify on your reply.

Thank you,

Rebekah

Record Time Bookkeeping

www.recordtimebookkeeping.com

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If you are a sole properietor set up an account "Owner's investment" (equity Account), if you are a corporation, set up an account "loan from shareholder". Then charge each of the purchases against the proper expense or fixed asset account.

Kathy Cazin

Accountkeepers of San Diego

www.accountkeeperssd.com

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