Owner’s Equity Transactions and Tax Mapping
5.0 (1 rating)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
709 students enrolled
Wishlisted Wishlist

Please confirm that you want to add Owner’s Equity Transactions and Tax Mapping to your Wishlist.

Add to Wishlist

Owner’s Equity Transactions and Tax Mapping

Learn everything about owner's equity and taxes as they relate to QuickBooks
New
5.0 (1 rating)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
709 students enrolled
Last updated 8/2017
English
Price: Free
Includes:
  • 1.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Record any transaction where the owner pays from their own personal funds for business reasons
  • Record any transaction where the owner pays for non business reasons from their own personal funds from the company money
  • Record withdrawls of cash and non cash assets by the owner from the business to personal use
  • Iidentify retained earnings and what it represents
  • Record distribution of partnership income into the equity accounts
  • Change the fiscal year in the company file
  • Change the company tax form in the quickbooks file
  • Map accounts to lines in the company annual federal income tax form
View Curriculum
Requirements
  • should be able to use pc at beginner level
  • should be able to do basic data entry in quickbooks
Description

In this QuickBooks Desktop Course, you will maser every idea that relates to owner’s equity and transactions that involve owner’s equity accounts. You will also learn everything you need to know about “tax mapping” in QuickBooks. You will see how to change the company type as well as change the company tax form. The main focus of this course is to give the QuickBooks user an understanding of how to record transactions where the owner spends from his or her personal funds for business reasons or spends business funds for non- business reasons. You will also have a clear understanding of retained earnings and how it behaves. It is easy and clear to do all of these things after taking this course. 

Who is the target audience?
  • Anyone who keeps finacial records for themselves, their busines sor their clients
  • anyone who pays business exenses from personal accounts
  • anyone who withdraws assets or cash for non- business personal use
  • any partnership that distributes the shared income periodically
Compare to Other Accounting Courses
Curriculum For This Course
11 Lectures
01:30:42
+
Introduction
11 Lectures 01:30:42

This lecture is an introduction and overview of the course

Introduction to quickbooks desktop equity and tax issues course
02:03

You will learn what owner’s equity means. You will be able to make transactions in the expanded accounting equation You will find the amount of owner’s equity in a house or a business

What is Owner's Equity ?
12:38

Owner’s equity accounts are used to close the books and distribute the net income. You will see how the Retained earnings account is used to track income in prior periods. You will see how the capital and withdrawal accounts are used to determine the partner’s equity

Learn the Owner's Equity Accounts
11:20

You will be able to identify the retained earnings account in each company type in QuickBooks. This will show you how to do “tax mapping” with your chart of accounts. See how to change the company type and how that effects your tax form mapping

Tax Mapping and company type
08:36

You will understand how retained earnings works. You will be able to predict the balance of retained earnings based on the report dates. You will learn how to change the fiscal year in the computer. You use “my company” window

Retained Earnings and reports behavior
13:52

You will understand the function of opening balance equity in QuickBooks. You will use it to properly set up a new company file. It will help keep the debits and the credits equal in your chart of accounts

Opening Balance Equity
06:57

You will be able to do the closing journal entries. You will be able to distribute partnership income to the partners at the agreed upon times. You will use income summary equity account. You can close and distribute the income in QuickBooks when the partnership agreement demands

Distributing Partnership income
11:43

Student’s will be able to record transactions where the owner is paying for business expenses and assets from the owner’s personal “non – business” funds. This counts as owner’s investment and should be recorded in to QuickBooks by using the equity capital register

Paying Business Expenses from personal funds
06:20

Student’s will be able to record transactions where the owner is paying for business expenses and assets from the owner’s personal “non – business” funds. This counts as owner’s investment. However, if the payment is an expense for a specific customer or job, in order to do job costing and track expenses by customer, you must make equity a “bank” type of account and enter it in to the write checks window

Pay from personal funds with Tracking expenses by customer
08:52

Students will be able to record transactions where the owner pays non business (personal ) expenses from the company bank account or the company credit card account. You will also learn how to record owners withdrawals of cash for personal non business use. This is from a bank or an a.t.m machine

Paying non-business expenses from company funds
06:03

Students will be able to record transactions where the owner withdrawsany asset OTHER THAN CASH ! from the business. The only way to do this is with a journal entry

Withdrawl of non cash assets by the owner
02:18
About the Instructor
Professor Mark Smolen
4.6 Average rating
251 Reviews
6,594 Students
19 Courses
Professor of Computerized Accounting

I have 2 decades of experience teaching Computerized Accounting. I have taught QuickBooks at A.S.A college in Manhattan New York. I have made my lessons available to job training schools for adult education and have helped place hundreds of students in good paying jobs using QuickBooks and other software that they learned in my class. I am a permanently licensed teacher by the New York State Education Department. I am also a Certified QuickBooks Pro adviser. I have made these videos by determining what my clients needed and how effective they were in real life situations. I enjoy helping students turn frustration in to a feeling of comfort and satisfaction with QuickBooks