Accounting & Bookkeeping Forum

[blushifted]

I am a sole proprietor and I am trying to keep my own books. I have been using my check card from my bank account to purchase a lot of business related products and services and I am wondering how I would set that up in quickbooks. I read in a previous topic that one would set up a loan from shareholder but that would not apply based on the fact that it is a sole proprietership. So how would that work. I also leased a vehicle for work as well and I need to write that off as well. Any help would be great.

[cindy.chenlh]

For purchasing a lot of business related products and services, you should do the following transacction:

Debit Supplies (business related products) / services Expense
Credit Bank chequing account


for leasing a vehicle for work, you should do the following transacction:

Debit Lease expense
Credit bank chequing account


for setting up a loan from shareholder, I can give you a hint, that you are the only shareholder of your company and you own 100% of the share you mentioned in your minutebook which you've already reported to the government.

Citation:

I am a sole proprietor and I am trying to keep my own books. I have been using my check card from my bank account to purchase a lot of business related products and services and I am wondering how I would set that up in quickbooks. I read in a previous topic that one would set up a loan from shareholder but that would not apply based on the fact that it is a sole proprietership. So how would that work. I also leased a vehicle for work as well and I need to write that off as well. Any help would be great.