Depositing a check
Depositing a check into anthoner company for a long term liability payment. What account?
1
21
aj_7iKutur3QVhacfA8pyY
06/04/09 11:25am PDT
Viewed by asker 07/20/09 2:37pm PDT
Viewed by asker 07/20/09 2:37pm PDT
2 Replies
greenmtn
Questions asked: 4
Questions answered: 481
Points earned: 1262
Questions answered: 481
Points earned: 1262
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Accountant Community AllStar
Advisory council of Accountant community power users.
06/05/09 10:39am PDT
Not enough information. Are you paying on a loan? Do you have the begining balance of the loan, interest rate etc? Any of this check interest or all principal?
America Counts on CPAs
06/08/09 7:35am PDT
Latest post
Yes this is a car loan that is paid by a company that I own for a vehicle that I am purchasing. I have the balance and the interest and principal. I now receive a monthly vehicle allowance check made out to me from another company that I work for. I want to just deposit this check into MY owned company to help pay the the monthly loan payment but I don't know how to deposit it. If I deposit it to the long term liability account, it reduces the balance owed. So, what account do I deposit to. Also, I don't want it to be considered income.
