Owner and officer funds now post to the right account by entity type
When an expense or reimbursement is paid with officer or owner funds, it now posts to Loans from officers for corporations and Owner's contributions for sole proprietors.
What's new
- For expenses and expense reimbursements paid from officer or owner funds, the credit account now depends on your entity type:
- Corporations: Loans from officers (yakuin kariirekin)
- Sole proprietors: Owner's contributions (jigyonushi-kari)
- Previously, sole proprietors' entries were also posted to Loans from officers, so they did not appear under Owner's contributions on the blue return financial statements. This has been fixed.
- When you record a payment in transaction entry, you can now choose "Officer funds (Loans from officers)" or, for sole proprietors, "Personal funds (Owner's contributions)" as the payment source.
Who it's for
- Corporations and sole proprietors using Accounting
How to use it
- Record a payment in transaction entry.
- Choose "Officer funds (Loans from officers)" or "Personal funds (Owner's contributions)" as the payment source and save.
You can check your entity type on the Basic info tab of your business settings. If you are a sole proprietor and previously recorded expenses paid from these funds, please review their accounts in the Journal.