The owner of my company sold an ATV to an employee. Employee will pay $100 a week in payroll deduction. How do i set up the loan? It's a loan from owner to employee not business.
Who owned the ATV?
If this is a personally-owned ATV sold to someone else, it has nothing to do with the QB file. Just execute a loan agreement.
For the employee, take the deduction and make it payable to the owner. This is just like any other wage garnishment.
But I wouldn't do this, either. I would suggest keeping the whole thing between people. Why is payroll doing their personal banking?
The business owner owns the ATV. He wants me to collect the money but not write him a check till it's paid in full. My question is, and forgive me if I am dense here, is how to set this up in my chart of accounts. The ATV isn't owned by the business so it's really not an employee advance. I'm just collecting the money for the owner through payroll. I just need type of accounts ie; OCA, OCL. Eventually, I will cut the owner a check when it's paid..but it's really not an OCA to the business. Can you provide some guidance here?
