employees who loan the company money
I have a small company where the employees make loans to the company. I don't know how to record the transaction in Quickbooks. Please help!!!!!
1
60
d66N8gheKr3yUmabTJhmjm
3 Replies
Kassie
Questions asked: 3
Questions answered: 27
Points earned: 37
Questions answered: 27
Points earned: 37
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
08/18/06 7:04pm PDT
When you make deposits in the make deposit window, the account you hit is Loans from Employees. This account is a liability. When they are reimbursed for these loans, you reduce this account. Talk to your tax accountant to find out whether or not the company should be paying interest on these loans and/or if there should be a payment arrangement or signed documents relating to the loan.
Hope this helps.
Kassie InmanDebits & Credits
www.debits-and-credits.com
"Bringing Balance to Your Business"
08/21/06 4:04pm PDT
Thank You Kassie. It helped some. I have one more question. You're saying that in the Accounts List I have to add Loans from employees. Correct????
Kassie
Questions asked: 3
Questions answered: 27
Points earned: 37
Questions answered: 27
Points earned: 37
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
08/21/06 5:43pm PDT
Latest post
Yes. You can add it "on the fly" when you are in the make deposits window by typing the name and clicking "Set Up" when the pop-up window tells you that the account doesn't exist. It should be a liability.
Let me know if you have any other questions.
Kassie InmanDebits & Credits
www.debits-and-credits.com
"Bringing Balance to Your Business"
