Best Practices for Owners Equity

[@michelesmith3965]

I want ALL the JE content your willing to provide 😂 even with a degree in accounting, I’m terrible at JE. Would also love to see an equity section of a partnership.

[@ClaraCFO]

haha! ok - I will see what I can do. The danger of giving JE content is people posting all sorts of bad JEs to their books :D

[@whathefudge8632]

Please add-on to this topic, negative retained earnings for both corporations and pass-through entities and how that impacts the value of the business. 🙏

[@arboriststudyguide]

Yes to journal entries!

[@ClaraCFO]

I am seeing a theme!

[@sasha.elaine]

I like how clean it looks

[@jdawn1103]

I would LOVE JE content!!! This channel is great!

[@nleposk1]

Definitely would love content on JE!

[@ClaraCFO]

thanks for letting me know!

[@sasha.elaine]

Yesssss journal entries plz

[@ExcelExplorers786]

Your skills have the potential to enhance my work significantly.🙂🙏

[@Lin312677]

Thank you! My book keeper has never closed the equity, and those numbers have been confusing, until now. 🙂

[@ClaraCFO]

ah ha! I knew that would resonate with some of you! Glad this helps clear things up!

[@leafs98]

Please do journal entries videos :-). Thank you

[@carlosjahnrijobaez1099]

You are incredible great person, thank you very much,❤😊❤😊,very helpful and clear to understand.

[@ClaraCFO]

wow - thanks for being here! Glad it is helpful!

[@user-oi2kc6kb9k]

Great overview of the "Book Value" of the business in a properly accounted Equity section. Could you further expand your analysis to explain the difference of Book Value versus Fair market Value of a business?

[@accountant110]

Hi Hanna, do you have a best practice for dealing with the equity of multiple partners? For example, would you prefer splitting out the distributions into separate line items for each partner (Ex: Partner A: Distributions, Partner B: Distributions) along with the allocation of their Retained Earnings to each Partner's separate "capital" account to show each partners total accumulated share of RE? And would this be the same for S-Corps? Thanks!

[@dailymomentum]

Your amazing 😊

[@kyliej11]

Journal entries/double entry info please!🙏😊

[@ClaraCFO]

Sounds like it's happening!

[@SBS379]

Yes for journal entries..

[@ClaraCFO]

Seems like you aren't the only one!

[@SBS379]

@@ClaraCFO Actually payroll entries with deductions for 401K and Health insurance would be helpfil.

[@debrathompson554]

Love your channel!

[@ClaraCFO]

Aww thanks! I appreciate you being here!

[@MiteshMaster]

I transferred into QBO from another accounting software. What do you recommend we do with Opening Balances?

[@ReneeGriego-TheBookkeeper]

Journal Entries, please!

[@ClaraCFO]

Noted!

[@sylvisk]

When the owner moves the money for taxes to a personal "taxes only" account, then do I use that account to pay for my quarterly taxes? but the the business records would only show the estimate amount that I transferred out of that account?

[@PS.Bookkeeping.Accounting]

Hi Clara, i have a question regarding adding owner to QBO. If i need to categorize owner draw from bank feed can i just leave the box "customer/vendor" blank? Essentially an owner draw we know the owner received a distribution. Advise with your expertise would be appreciated. -Tony

[@victorkishter1379]

Enjoyed the video. Does the opening balance equity ever get rolled into retained earnings? I have had people suggest I do that as a closing entry.

[@ClaraCFO]

Technically you could, but I like seeing what the business started with. But there's no rule against it!

[@vanessakramer338]

@@ClaraCFO Do you have a video that discusses Opening Balance equity more? I am still confused on what this balance actually is and whether or not it changes year over year. Thank you!

[@sasha.elaine]

Yesssss journal entries plz