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My husband took out a personal loan at the bank, he deposited the money into the business and withdrew the cash to pay for a vehicle. The business is paying the loan back to the bank. How do I record all of this into QuickBooks?
Hello there, Liz Drafts.
I'm here to share the steps on how to record the loan and its payments.
Before doing any of the steps, I'd recommend reaching out to your accountant so they can guide you on what accounts are best to use.
Then, here's how to record the loan. First, you'll have to set up a liability account:
Second, record the money you got from the loan:
Lastly, record the loan repayment:
Also, if you need some resources to help manage your QuickBooks account, you can check this reference: QuickBooks Help Articles.
I'll be around whenever you have questions with QuickBooks.
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