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How should I enter shareholder deposits?
We deposited personal funds to the business account to cover an expense. How should this be entered in QB?
The deposit function will debit the bank account. The offset is a credit to Shareholder Loan. The Shareholder Loan account should be a current liability and specifically identify the shareholder who contributed the funds.
Note: CRA doesn't care if the corporation owes a shareholder, but may take action of the shareholder owes the corporation for more than one reporting period.