I'm looking for advice on how to structure this. I am not an accountant.
Prior to QBP: I didn't have any business accounts in Simplifi. I had a manual (not a real-world) Owners Equity Account that personal money would get transferred into. Money would go into it and never come out so I generally knew how much personal money had been invested into the business over the years…so we could have a good cry. I looked like this:
- Personal CHK > Owners Equity Account (in Simplifi)
- > Business CHK (not in Simplifi)
Post using QBP: All my business accounts are in Simplifi so both sides of the transfer are available. It now looks something like this:
- In Simplifi Personal CHK > ???? > Business CHK
What do I do for the ???? step?
Do I…
- Use the category of “Transfer” in Simplifi even though both sides of the transaction are available? If so, what do I do for the category on the other side?
- Link the two transactions? If so, they’d become a transfer transaction so how do I know how much personal money we’ve invested in the business over the years? Tag?
- Continue to use the Owners Equity account which seems overly complex.
- Something else?
Thank you for any advice?
