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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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tjstoma
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tjstoma
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06/08/09 12:13pm PDT
Viewed by asker 03/30/10 2:44pm PDT

What account do I deposit to?

What Account do I Use? I own my own company (sole proprietor) and the company purchased a vehicle (LTL) and is making the monthly loan payments. I am an employee for another company (not mine) and now am receiving a monthly vehicle allowance check. I want to deposit this check made out to me to my company that I own and put it towards the payment on the vehicle loan. Not in addition to the monthly amount, but towards the monthly payment. If I deposit it to the LTL account, it increases the balance, Thus, what is owed is not correct. Should I make a sub-acount and then a Gen Hournal entry at the end?????? I have no idea. Thanks

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06/09/09 1:38pm PDT

Your vehicle allowance payments should be booked as a Debit to the bank account and a Credit to an equity account (Owner's Equity or something similar) when deposited. If you're using the "Make Deposits" function, the From Account should be Owner's Equity.

Don't forget that you'll need to separately track use of the vehicle for your business, for your employer's business, and for personal purposes.

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06/09/09 2:07pm PDT
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When I make the loan payment do I use the Owners Equity account for partial on the check? Is that how I get the monies out of the owners equty account then?

No I need to use the LTL account so that the balance of what is owed is correct.

What do I do with the monies in the Owners Equity then?

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