How do I record Owner's Equity (Contribution/Draw)?

  • Updated
To record an Owner's Equity contribution to your firm in CARET Legal:

  1. Navigate to the Accounting section and click the Banks & Registers tab, then click + on the green tool bar and select New Journal Entry from the menu. 

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  2. The New Journal Entry modal displays.

    NewJournal.png
    • Use the calendar controls to enter the Date of transaction.

  3. In the first line, select the Operating Bank Account 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.

  4. In the second line, select the Owner Equity Account.
    • If this is a contribution, enter the amount of the contribution under the Credit column and leave the Debit column at 0.00.
    • If this is a draw, enter the amount of the draw under the Debit column and leave the Credit column at 0.00.

  5. Click Save & Print to save and print a pdf copy of your journal entries, click Save & Close to save your journal entries and return to the Accounting section or Save & New to save and record another Owner's Equity contribution to your firm
 

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