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Owner Equity Accounts |
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WORKING WITH OWNER EQUITY ACCOUNTS ENTERING OWNER EQUITY DATA OWNER EQUITY RECORDS RELATED TOPICS When to Use Owner Equity AccountsUse Owner Equity accounts to handle owner, partnership or corporate equity. The sum of all Owner Equity items is equal to the net worth of the business.If you want to track owner equity in more detail, you can create additional Owner Equity accounts, and transfer money between them. Creating Owner Equity AccountsTo create a new Owner Equity account, follow these steps:
Data FieldsEnter the following information for each Owner Equity account:Account Name-- Enter a short name for the account. This is the text that will appear in the Chart of Accounts and in pop-up menus. Starting Balance-- Enter the starting amount for this account. Owners -- Enter the owners who own this share, along with their percentages. The total percentage must add up to 100%. HINT-- To enter new owners, choose Other Lists from the Options menu, and choose the Owners submenu. Created-- When you create an account, today's date will be entered automatically. Record Number-- An internal record number will automatically be assigned. Comments-- Enter any comments you'd like to make about this account. Include in Starter File-- Turn on the checkmark if you'd like to include this account when you export a Starter file. Calculated FieldsGoldenseal shows the following calculated values for this account:Current Balance-- The current balance is the most recent running total, after all cash transactions are included. Last Changed-- Goldenseal shows the date of the most recent change in this account. Status FieldEnter the current status of this account:Active-- You currently do business with this customer. Inactive-- You don't currently do business with this customer, but you may in the future. Closed-- You definitely don't do business with this customer any more. Using Owner Equity AccountsUse Equity Transfers to adjust the equity value of Owner Equity accounts.Multiple OwnersTo allocate ownership shares to multiple owners, follow these steps:
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