November 2012
Beginner to intermediate
408 pages
10h 52m
English
Content preview from QuickBooks 2013 For Dummies
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Owner’s Equity in a Sole Proprietorship
Actually, tracking owner’s equity in a sole proprietorship is easy. You can use the single account that QuickBooks sets up for you, called Opening Bal Equity, to track what you’ve invested in the business. (You might want to rename this account something like Contributed Capital.)
To track the money you withdraw from the business, you can set up and use a new owner’s equity account called something like Owner’s Draws. Table 20-1 gives an example of owner’s equity accounts in a sole proprietorship. Note that the numbers inside parentheses are negative values.
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