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Hello savvient-
There are a few steps on how to create a loan account and record transactions for said account. You can read more here, Set up a loan in QuickBooks Online but see below on how to get started in setting up the account.
Set up a liability account to record the loan:
In regard to go about how to record this type of transaction I'd recommend you reach out to a QuickBooks Online Certified ProAdvisor for best practice to make sure everything is being recorded properly.
Please reply here if you have any additional questions.
-Christine
Hi Christine,
It looks like what you explained is a loan from a director othe than a loan to a director.
Our business has recently purchased a car that is 50% personal use by the director. I was told to record,
(Dr Loan to Director, Cr Motor vehicle contribution), which ends up an increase of income of $15,000 for March 2020.
How do I make accounting entries for the transactions please?
The car costs $30,000 and 50% business use. Recent tax law allows write-off of the car other than annual depreciation.
Kind regards,
Angela
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