How do I record owner's equity (contribution/draw)?
Here is how you can record a contribution to your firm in Zola:
- Go to the Bank & Register tab under the Accounting section.
- Press the "+" on the top right of the green bar and select "New Journal Entry"
- Fill in the date of the transaction
- In the first line, select the operating bank account to which you are depositing/withdrawing your contribution/draw.
- If this is a contribution, enter the amount of the contribution under the Debit column and leave the Credit at 0.00.
- If this is a draw, enter the amount of the draw under the Credit Column and leave the debit column at 0.00
- In the second line, select the Owner Equity account.
- If this is a contribution, enter the amount of the contribution under the Credit field and leave the Debit at 0.00.
- If this is a draw, enter the amount of the draw under the Debit field and leave the Credit at 0.00.
- Click Save.
How Do I Record A Deposit That Is Not A Payment to an Invoice?
Oftentimes, you will have deposits going into your operating account that are not client-related. This could include owner's contributions, donations, interest deposits, or any other payments coming into the firm that are not payments to an ...
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