Discussion:Quick book entry
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Discussion Forum Index --> Accounting Questions --> Quick book entry
| 4 January 2008 | |
| In april 07, client paid 10,000 in retirement account for president for year 2006.Please help how we should make entry in quick book to reflect that. | |
| 4 January 2008 | |
| Debit - Retirement Plan Payable, Credit - Cash in bank. Doing homework during winter break? | |
| 4 January 2008 | |
| but client don't had enough cash at bank on Dec. 31st.
basically he deposited his personal money to S Corporations account and from S Corp to retirement company. | |
Actionbsns (talk|edits) said: | 4 January 2008 |
| That entry shouldn't be so hard - think about it. SH deposits money to corp, debit cash, credit SH loan or APIC. Corp pays the retirement company, debit the Retirement Plan Payable, credit cash. Presuming that at year end, you booked the retirement expense to the Retirement Plan Payable. | |
| 4 January 2008 | |
| Should we do this entry on Dec 31st,06 or April 07 ??????? | |
PostingFromWork (talk|edits) said: | 4 January 2008 |
| In April, because that is when the transaction occurred. | |
| 4 January 2008 | |
| sound good, But what should we enter on Dec 31, 2006 so it can reflect amount as 2006 expense???? | |
PostingFromWork (talk|edits) said: | 4 January 2008 |
| Something like:
Dec 31: dr. Retirement Plan Expense 10,000 .....cr. Retirement Plan Payable 10,000
dr. Retirement Plan Payable 10,000 .....cr. Cash 10,000 | |
Actionbsns (talk|edits) said: | 5 January 2008 |
| Taxfresno, you need to take an accounting class. I was scrolling through TA just before dinner, clicked on this thread again and really couldn't believe your response. Please complete your profile. | |
| 5 January 2008 | |
| Thnaks everybody, finally I got what I need. Problem part was, I select Retirement Plan Payable account as Expense account.................I am glad now it has been fixed. Thanks for your help and suggestions. | |
| 5 January 2008 | |
| Not bashing Fresno, but another problem with quickbooks is that it is so simple to use. People without accounting experience think they are using it properly and tehn decide that they are bookkeepers. | |
Bottom Line (talk|edits) said: | 5 January 2008 |
| Agreed Fred that it's a problem but I make my living fixing those problems! | |
| 5 January 2008 | |
| That's why I love seeing those Green and White folders coming in. I know I'm fixin something | |
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