How to Categorize an Owner's Equity Contribution
Hey everyone. I am trying to figure out how to categorize a contribution I made from my personal account into my business account. I am only working on my personal budget, so my only concern is how to handle the expense that shows up in my transactions... Any thoughts?
I'm curious about this too. My personal and business finances have been almost indistinguishably intertwined for too long. I just recently opened a separate bank account and YNAB budget for my business in an attempt to keep them separated.
nolesrule's suggestion in correct for money going out of your personal account but I'm assuming your looking for the best solution to bring it into your business account.
I was thinking that we could (on the business budget) create our business as a payee, then categorize a new transaction as Inflow: To be Budgeted then add a memo of "Owner's Equity" but not too sure how useful that memo would be in reporting.
I couldn't figure out a way to add Owner's Equity to Inflow which in my opinion would be the best place for it for reporting. I could be wrong though.
Hopefully some one wiser can chime in on this. :)