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FreeFree Accounting Software Forum - New bank account initial deposit
Hi Glen,
I have opened a new bank account for my new business and have deposited $500 into it for starting capital. How do I post this transaction/opening balance?
Thanks
I have opened a new bank account for my new business and have deposited $500 into it for starting capital. How do I post this transaction/opening balance?
Thanks
Just enter a Cash Received transaction. The account to choose depends on what the funds are for. Is it a loan, issued capital or if you are a sole trader or partnership it cannot be a loan or issued capital. So the account to choose is:
Loan: loan from owners (or name of lender).
Shares: Issued capital
Sole trader: Sole trader equity (you need to rename the issued capital account or create this account)
Partnership: Partnership equity (you need to rename the issued capital account or create this account)
Loan: loan from owners (or name of lender).
Shares: Issued capital
Sole trader: Sole trader equity (you need to rename the issued capital account or create this account)
Partnership: Partnership equity (you need to rename the issued capital account or create this account)
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