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Depositing a check
6/4/09 11:25 AM, Viewed by asker 7/20/09 2:37 PM
Total Views: 627
Total Views: 627
Depositing a check into anthoner company for a long term liability payment. What account?
All Replies: Answers (1)
Comments (1)
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Answer
6/8/09 7:35 AM
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.
Comment
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?