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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?
Set Up Opening Balances In QuickBooks desktop or QuickBooks Online
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Learn Basic Accounting
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