Loans to company, personal expenses and reimbursement
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Pls walk me through the process of creating a liability account for personal loans to my company. Lodging personal expenses which will be reimbursed to me by the company later. Can someone give a step by step thing. I have QB premier 2010. Thanks. You guys are doing a great job out there..
Answer
Go to the chart of accounts, right click and select new. Here you will set up a liability account titled Loan payable(your name).
To record your expenses, create a journal entry where you debit the expense accounts and credit the loan payable account.
In the future you will write a check in the check register to yourself for reimbursement. Use the loan payable account as the offset to reduce the company liability.
Marc Barnes
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