Owner’s Non Cash Assets into The Register Window in fastest bookkeeping services with QuickBooks Online

 

Owner’s Non Cash Assets into The Register Window in fastest bookkeeping services with QuickBooks Online

Would you like to use a QuickBooks online tool that will make editing transactions very easy?  Well then you should watch this articles of QuickBooks online fastest bookkeeping start from Crash.   Using registers for owners investment transactions. 

If you have any questions about this topic you can leave them in the comments section below and I’ll do my best to help you and of fastest bookkeeping services if you feel the article helped you I hope you will follow our blog and get updates on new articles that come out all the time. 

What are Register window?

What are register window?  Well a register is 

A window that both: shows the transactions that are listed and recorded in the account in (the chart of accounts). 

A window that allows you to record transactions directly into that account. It was made to look like the old register books from the days of bookkeeping before the computer. 

You can see every transaction listed and you can edit or add a transaction right there in the same window and if you do that then you will be able to see the change in the balance of the account immediately.

Using Register Window

So you would   

Open each one of them from the chart of accounts. Window that we learned about earlier in the minimum bookkeeping.   

You can edit any transaction you see just by clicking on it. 

The data fields in each line of   the register are the same as in the windows that we originally used to record these transactions.   

the advantage to using the register window instead of what we used before like the: deposit window,  the   check window,  the expense window and credit card charges window so on,  You see the advantage is that the running balance as you record and enter each transaction in this window. 

So let's take a   look you should click the cog wheel and you go all the way across to where it says chart of accounts.  Now you can view the register for most of the accounts in the chart of accounts.   Any account that is simply income and expense you can only run a report but the other accounts of the different types you can open in a register window for example look at cash in chase bank.   We can click view register close this little hint and you can see here let's stretch this a   bit and you can see that starting from January 1 there are two lines in the register window,   for each of the transactions that we have recorded into this account. The account called   cash in chase bank remember back on January 1 we had the first deposit from Allen.   Remember back on January 5th we wrote our first check. Notice how the running balance changes.  

Find Balance in Register Window

So if somebody asks you what is the balance on a specific date you can look in the date column and go across to the balance and you will know the balance on that specific date.   Also you notice that there's two lines for every one transaction and if you click anywhere in the   two lines. You will be able to edit any of the fields of data that are in this transaction. Remember in the original payment window that we recorded this payment to need’s taxi we had   a field to put in the name the expense account the transaction number date and money amount. 

So these are all the same fields that were in that original window except they're squashed into these two   little lines. If you go up and click any of the transactions in any of the registers.   Once you change the money amount the running balance will change immediately and all of the other balances going forward will change because the running balance depends on previous balances.  That’s the way the old register style books used to look like in the days before the computer.  

You should also know that you can go back.  Well there's a quick way you can open up from this pull down any other account in the chart of accounts that has available a register window. For example if we wanted to look at the American express credit card that's one way of opening it up. 

We could have clicked cog wheel chart of accounts   and gone down to the american express credit card and clicked view register to open it up. so now we're   looking at all of our credit card charges credits and payments all in one window but again the two  advantages here is that you can see the running balance after each transaction. 

You can look at it and change it at the moment that you're looking at the entire account and the running balance. 

Why Learn to Register Window?

Now you may well ask why we learn to register Window. In a minimum of bookkeeping. 

The reason is that there are two types of transactions that need to be recorded in the register window of the account called owner's investment one of them is when the owner pays a business expense from his or her non-business personal account. 

The second is when an owner brings  a personal non-business asset from home into the business to be used for business purposes.   

Owner’s Investment business expenses from non-business account

So let's consider the example let's imagine 

On January 19th, 2022, Wanda paid Ronda’s repair shop $500 dollars for a business related repair expenses her personal check #1785 

So what will be the result?  Well repair expense will increase by 500 dollars.   Because we just paid for more repair expenses and it will become 1700 dollars   and that money came from the owner's pocket from their personal account into the business expenses that 500 dollars increases the owner's investment to 700 dollars.  This is what the trial balance should look like after we record this transaction. 

The top right we click the cog wheel and we go over and click chart of accounts we scroll down to the account that says owners investment and go across to the right then click view register. Now notice the only transaction in this register is the one we made in the prior article for 200 dollars.   So we click add journal entry. Add journal entry and we have to put in the check number as the document number for this transaction the date will be January 19th of 2022 and the person whom we paid was Ronda’s repair shop and the reason we paid was for repair expense. 

Let’s just go up here repair expense now is owner's investment increasing or decreasing.   Well the account we are in is increasing so we put the $500 in the increase column, because we have both more owner investment from personal to business expenses   and we also have more company repair expense for the business repair. That Ronda just did.   When we click save you notice the balance does increase to the $700 we predicted. The best place to look at these reports and then go to the trial balance.   You can see the numbers are exactly as what we predicted the owner's investment balance is now a total of $700 and repair expense has increased to one thousand seven hundred dollars.   

Owner’s Non Cash Assets into the Register Window

On January 20th, 2022 vonder brought to the office a piece of video equipment to be used only for business from this point forward the fair market value of the equipment on January 20 is 1000 dollars. 

Owner’s Investing Non Cash Assets in to the Register Window. You can add a new account on the chart of account that means that you can add a list item like a chart of account Owner’s Non Cash Assets accounts or a vendor name at the moment that you make the transaction. 

What will be the result?  well  Owner’s Non Cash Assets or equipment the new account will show up for the first time as a 1000 dollars because that was the value of the equipment at the moment that vonder brought it to the office.  It came from the owner personal to the business owners investment will also increase by a $1000 and become one thousand seven hundred dollars. 

We click the cog wheel go to chart of accounts   scroll down to the owner investment account and click view register. Now you could click okay. So you click in the register and you could add a transfer instead of a journal   entry. If you're bringing a fixed Owner’s Non Cash Assets so click transfer and now you have a new fresh open field to record this transaction. 

Now the date of the transfer was January 20 of 2022   and there is no payee in this case but the account that represents the reason why you're making this transaction or increasing the owner's investment is not yet on the list. so you scroll to the top and click add new and we're right back in the ad account to the chart of accounts window. That we learned about in the beginning of the minimum bookkeeping. The type is fixed asset and the detail type can be some kind of Owner’s Non Cash Assets or equipment and if it doesn't say equipment it doesn't matter what you choose.  I would choose OWNER’S NON CASH ASSETS and change the name to all caps because the detail type in this case is not relevant we click save and close. 

Now we know   that the owner's investment is changing because there's a change in the company account Owner’s Non Cash Assets or equipment is the account we are in increasing or decreasing.  We are in the owner's investment account and   the owner's investment account is increasing because more is being invested into the company a thousand dollars’ worth of equipment. 

we can click reports trial balance and you can see the numbers are exactly as what we expected,   owner's investment increased to one thousand seven hundred dollars  and Owner’s Non Cash Assets or equipment showed up for the first time as a thousand dollars.

Thanks for Reading the Article.