started a new company and I pay some of the bills with personal money that I transfer into business bank account and my partner pays some. How can I track this so we know how much we both put in.
If you or your partner pay bills directly, turn in an expense report for reimburstment. Enter this in QuickBooks as a bill to be paid.
If you are depositing money into the company bank account, record it as a loan to the company. Set up separate Loan Payable accounts for you and your partner to keep everything straight.
Or instead of creating a loan to the partner, use equity investment
then your balance sheet will not have a higher debt to asset ratio if you have to deal with bankers
you can use equity drawing to pay your self back in the future
See this for more on Owners Equity accounts and distributions (rolling it up)
