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How should I categorize "owner's contributions" to my business?

majesticoj

I track my business in a separate accounting software. However, 'owner's contributions' that come out of my personal bank acc't show up in Quicken.

How would I categorize these Transfers since my business is not tracked in Quicken?

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Accepted answers

Quicken_Tyka

Hello @majesticoj

Thank you for taking the time to visit the Community to post your issue, although I apologize that you haven't received a follow-up response.

If you haven't done so already, I would take a look at a previous discussion available here.

I hope this helps!

-Quicken Tyka

All comments

volvogirl

How is your business structured? Does it file its own tax return like a 1065 or 1120? Or do you file it in your personal return on schedule C?

You can set up any category you want for it. It might even be like an investment account. Don't know if you should add an Asset account for it or just a plain expense category. Depends if or how you want to track it. Will you need to enter it on your tax return?

majesticoj

Thank you for the response!

I have an LLC and its taxed as a sole proprietorship (if that makes sense). Yes, my business files its own returns. All of the profits, however, "flow thru" to my personal returns.

My accountant will be able to view these "contributions" on the business side and they will be considered on my businesses returns... I guess I just never thought about the tax implications on the my personal returns. I don't know how 'owner's contributions' are treated on personal returns...

And I guess I'm not sure how I want to view these contributions on my budget. The best I can come up with is just categorizing it as an expense on the personal end (Quicken).

Quicken_Tyka