Owner Equity Accounts In QuickBooks Desktop And QuickBooks Online

Before you get to QuickBooks, let’s learn and understand owner’s equity accounts and the function that each equity type of account serves when doing end of month owner’s equity related adjustments and journal entries. These are equity procedures to close the books for the month and distribute partnership income. Accounts like income summary and retained earnings are accounts that the income and expense accounts ultimately get closed to. The permanent owner’s equity accounts that do not get closed are the owner’s capital investment and owner’s withdrawals. This enables the equity section of the balance sheet to be summarized and you can isolate your net income each month and distribute it accordingly to get net partnership equity.
This KZbin owner’s equity playlist will show you everything you need to know about owner’s equity. Owner’s Equity in QuickBooks and QuickBooks Online involve equity transactions and owner’s equity accounts, in order to properly show the true amount of ownership claim or ownership rights an owner has in a company using QuickBooks desktop or QuickBooks online. I’m happy to show you what is owner’s equity and what the official definition of equity really means. After you are clear in the explanation of owner’s equity ideas, you will learn about the owners’ equity accounts in any company’s general ledger. You will learn, in the QuickBooks desktop or online chart of accounts, the equity type of accounts that both will automatically put in your chart of accounts. In QuickBooks desktop, the equity accounts given depend on the company type. In QuickBooks online however, the default equity accounts depend on your subscription level. You will always have in either: opening balance equity, retained earnings and the equivalent of owner’s capital investment and owner’s withdrawals. All the other equity accounts will be added based on any changes you make. I will help you learn how to make owner’s equity transactions like investing cash and assets or withdrawing owner’s draws or dividends in any cash or asset form. The playlist will show you all about monthly equity adjustments such as: distributing partnership income, closing the books, closing entries and income summary adjustments. Watching this QuickBooks equity course will give you everything you need to know about owner’s equity. Please watch all videos to know how to record all owner-related transactions where money or assets are coming to or from the owner as capital investment or owner’s withdrawals like dividends if it’s a corporation. Once you understand owner’s equity ideas and equity-related concepts, everything else in basic accounting is easy.
Here is the link to the whole Equity QuickBooks playlist with every topic you could need:
• What is Owner's Equity?
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#quickbooksequity #ownersequitydaccounts, #equityclosingentries

[@worldwidequickbooks]

Thank you, all my friends, for the lovely complements!! I’m happy to show everyone all about the ideas of owners’ equity and show why we have the equity accounts that QuickBooks will automatically add to your chart of accounts by default. These are the accounting ideas of closing the books and distributing the net income. It’s a summary of what happens but it will help you understand your equity accounts in QuickBooks and QuickBooks online. I hope you will “like” after watching each one and I hope you will subscribe. -Mark

[@ahmadasiabi629]

Thanks for the simple explanation, I think at the time 6:07, owner's capital should be 33K not 23K

[@worldwidequickbooks]

Maybe, but at least you get the point -Mark

[@SueHaley]

I'm in the owner's equity video. Why wasn't the $10,000 from the income summary added to owner's capital to make a net Value of $33,000 instead of $23,000? thank you

[@worldwidequickbooks]

It was added that may have been a type of but thank you for watching Regardless of the math, at least you get the idea of how the closing entries work and how owner's equity accounts work I hope you will click like and subscribe Mark

[@johnbrumfield6212]

Much like Scotty on Star Trek.....My God @worldwidequickbooks !!! I'm an engineer!! Not an accountant!! But this vid was like seeing the very first ever CLEAR pic of Sasquatch!! I do have one question. My fiscal year is the calendar year. Are all these journal entries done at the end of the FY?? And if so in the next FY looking at the Balance Sheet of the previous FY, how would I determine the amount of Owners Draw? Thanks again for the Video!!

[@worldwidequickbooks]

Thank you for asking Of course it's the fiscal year because that makes financial statements that you compare from 1 year to the next. If you want the answer to your second question I suggest you click in the top right corner of this video to get the link to the full equity playlist. And if you watch that playlist in proper order everything will even be more clear then Scotty on the enterprise. Each video is only a few minutes each but everything fits together and you should have the answer to your question from those videos and if not then please come. Back and ask and I will do my best to help you. I hope you will click like after watching each one to help support the free channel for everyone in place subscribe Mark

[@shl8531]

Amazing videos! Thank you

[@worldwidequickbooks]

My pleasure! Thanks for appreceating them I hope you will click "like" after each one and I hope you will subscribe -Mark

[@veronikashapovalova]

Thank you

[@worldwidequickbooks]

You're welcome and if you go to the channel page you can get a video on any possible quick book's topic and I thank you for remembering to click like after watching each one and subscribe. Mark

[@p62130n]

Thank you Mark!

[@worldwidequickbooks]

thequickbooksdude • 1 second ago You are very welcome

[@anniegilliland7996]

But this doesn't show Quickbooks desktop.

[@worldwidequickbooks]

Click in the top right to get the link to the entire playlist and you will see I have examples using quickbooks desktop for equity transactions Please confirm that it's there Mark