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Hi there, andrewwan22,
Recording a Director's loan can be done in three (3) easy steps.
First, set up a liability account to record the loan. This helps track what the Director owes.
Next, record the money you got from the loan as an asset to your business. You can enter what you have to spend all at once, or in partial payments as you get them.
Upon sharing this, I still suggest consulting your accountant for specific instructions on what account to debit or credit.
Lastly, write a check to record the load payment and interest.
To pay and amortise the debt of an intangible asset, see the Amortisation schedule in QuickBooks Online.
Let me know if there's anything else I can help you today. I'm always around whenever you need help.
Hi there, andrewwan22,
Recording a Director's loan can be done in three (3) easy steps.
First, set up a liability account to record the loan. This helps track what the Director owes.
Next, record the money you got from the loan as an asset to your business. You can enter what you have to spend all at once, or in partial payments as you get them.
Upon sharing this, I still suggest consulting your accountant for specific instructions on what account to debit or credit.
Lastly, write a check to record the load payment and interest.
To pay and amortise the debt of an intangible asset, see the Amortisation schedule in QuickBooks Online.
Let me know if there's anything else I can help you today. I'm always around whenever you need help.
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