Hi,
I am new here and new to accounting.
If I start a company, I inject some capital as owner’s equity; and therefore would have that same amount of cash on the asset side.
When I try to pass an entry in the journal, say Cr . Equity 1000; I want to debit Cash &Cash equivalent 1000… but in the drop-down menu, the cash and cash equivalent is not visible. How do I record this entry?
You don’t use a Journal as it is a money transaction, Journals are used for non-money transactions.
For this transaction you go to the Cash Accounts tab, select the appropriate cash account and do a Receive Money.
When you state “If I start a company” are you talking about a corporation (LTD. PLC. INC) or not. If you are talking about a corporation then please advise as the accounting setup is totally different to a sole proprietor type business. An LLC is similar to a Sole proprietor type business.