I need help correcting a sweat equity account in the chart of accounts. I have it set up as a equity account but the transactions are not being recorded as expenses.
Visit our webstore for huge savings on QuickBooks!
What do you mean by sweat equity? If you mean your time, unfortunately that’s not an expense. It really doesn’t belong in QuickBooks at all, even as an equity account.
If you mean something you actually paid for, open the transactions you booked to your equity account and change the account from an equity account to an expense account.
This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.
Web Store | Price List | Free Trials | Newsletter