Jrenter2 wrote the following post on 11/23/2004 9:22:00 AM
What started out as a hobby has led me to start a business. So, since the beginning of the year I had been buying some supplies and building inventory. My partner and I invested some cash and did all this. Now, at the beginning of the month, we took on another partner who wanted to join us..gave us a small amount of money to join the "hobby" at this time. In the middle of the month we decided to make it official and get our busines license and start selling to the public. The question here is...using Quickbooks Pro 2001...only ver. I have currently..and just starting QB's...how can I add the amount of money that each of us put into the company...(but has already been spent prior to getting a busines license and starting the actual accounting books}? Also, what becomes of the inventory that we had already made prior to going "live". Can that stuff be added to the books and if so how? In a nutshell I guess I am looking to have a way for QB's to have a $$ amount in the Owner's Equity slots..but not have that amount of cash available seeings how that investment has already been used. Sorry for the long post, but wanted to explain the situation. Any and all help would be GREATLY appreciated. TIA.