Using QB2005Pro Professional Gambler. Put money into casino buy chips Win some money. Get some comps from casino Later take same amount out originally put in. Winnings left in casino account.
How do bookeeping for these transactions?
I set up casino as a bank account. I entered seed money as Owners Capital: Investment I entered return of seed money as Owners Capital: Draw
hows that so far?
not too good - "bank" and "casino" should be separate accounts and the owners draw is used for remittances/checks to the owner (not just return of "seed" money to the business. If you are in this for business purposes it would be a good "bet" to seek a tax professional to set-up the accounts correctly at the start, at tax time you would be ahead of the flop
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