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.
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.
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