![]() We respect other professionals for what they know and can provide to us. We don't know what is your business, but you would not want to see someone do what you do Professionally, as if that is a Hobby thing casually done by nearly anyone. And you know the tax laws just changed, right? Going forward with 2018 data, do you know What changed, for you? That's why you seek out a professional. Each of these statements are related, but separate and unique statements that help a business owner or anyone understand the cash flowing into and out of a. You need to review this in person with someone who can look at your paperwork and work with you and guide you. Payments on loans and lines of credit to creditors. Obviously I don't want to pay taxes again on the initial equity since we Cash flow from financing activities includes payments and receipts used to finance the business. Paying anything unreasonable in taxes I know I have made a mistake, See why you need to meet with your own CPA to review your operations, learn what applies to the Financial management of this entity, to avoid getting it wrong? This changes how you manage the accounting. You might be a shareholder yet, a working shareholder has to be paid through payroll before taking any distributions at all. Distribution is the word for Shareholders taking funds from a Corporation (filing 1120 or 1120S) and corporations have no owner. You cannot Take something that doesn't exist that sort of belies the comment regarding 2017 activities.ĭraws from Equity are for Sole Proprietorships and Single-member LLC as disregarded entities (filing Sched C with your 1040 tax form). We already discussed that you Took Draws. And you don't know if it "made money" or not, without Tracking everything properly. The task is to Track Everything properly. That has no impact on what your task is, here. "My business made almost no money in 2017" You enter that as an expense paid from the Card, to see the Balance you owe is explained with Purchased From names, and Details. Debt on loans and credit card Decreases your equity.Īnd do not use Journal Entry for Credit card purchases. You allowed a generic offset of OBE = "I don't know where this came from." I have done this for my bankĪccounts and also my credit cards and all of my books balance at the OBE should be 0, if it got used at all, and never used again, once a file is set up and In Use.Įquity that works in a different report. You likely have one named Owner Equity, or Retained Earnings. Phone support walked me through) I setup an "Opening Balance Equity." Iīelieve this is what you are referring to right?" ![]() Wanted to followup and say at the moment in my Journal Entry (which the
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