New LLC transactions
Two members made equal investments into a LLC, which is making the S corp election (services co). How do we code the two initial investments?
Related, each member has made purchases with their personal account for a few setup items before business bank account/credit card was opened. This is really just a quick loan that we would like to return to each member, not an additional investment. How do we code these transactions so the expense makes it into the business but there is a balance of some kind owed to the member that can be paid off?
For example, a company credit card was used to make the purchases (so the expenses are in Quicken due to the import from the credit card) but then the member paid the payment amount due from their personal checking account, so the credit card balance didn’t decrease and the loan from member to business isn’t reflected.
Help?!? Thanks!