when we pay the $10,000 to start the business, what the column should be put? capital account?
What type a business is it - Sole Trader, Partnership or Company?
sole prop
Sorry - what is a sole prop.
As a sole proprietor or sole trader, you have options. You can establish a capital account for yourself. Then you Receive Money into a cash or bank account and allocate that transaction to the capital account. A simpler approach, since you own everything as the proprietor, to to rename Retained earnings as Owner's equity and allocate the receipt there. That way, you don’t have to enable the Capital Accounts tab or create a capital account.
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