QuickBooks Online Owner Invest And Withdraw Non Cash Assets

[@worldwidequickbooks]

Hello, my QuickBooks online friends. This video is made special for owners of small businesses who invest in to their business things from home like: equipment, supplies or furniture. When you do that, the equity account that increases is called “owner’s capital. The opposite is recorded in owner’s withdrawals when an owner takes home any of those non-cash assets for personal, non-business use. These are owner’s equity transactions and can only be entered in to the journal entry window in QuickBooks online. I thank you all and hope that you will click “like” and “subscribe”

[@essamuhammad6393]

i am a bit confused to know what differences are between owner's distribution and withdrawal?

[@worldwidequickbooks]

Thank you for asking There are no differences Owner distribution is a different name for owner withdrawals That would be the name if it is a sole proprietorship or a partnership. If it is a corporation, it's the same idea but they call it "dividends" I have a link on my channel page to the main accounting tutorial that will explain everything Let me know if you need to find it Mark

[@AceHardy]

💲

[@worldwidequickbooks]

Thank you Ace

[@thomasenzmann6225]

what should be done if the business' asset have accumulated depreciation?

[@worldwidequickbooks]

Usually depreciation records are kept separately by the tax person So if you want to then you can record it this way and then when it's tax time you can give the information to your tax professional and he or she will adjust the accounts for any gain or loss that might have happened because he asked that had depreciation Mark

[@thomasenzmann6225]

@@worldwidequickbooks Thank you very much for quick reply. And again thanks for advanced qbo playlist.

[@worldwidequickbooks]

My pleasure and I hope you will remember to click like after watching each one and I hope you will subscribe