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cherylanncollins
Level 1

Just started using QBO UK. Company owes me start up money, how do I set up a current liability to show this on the BS and draw down payments from?

 
3 REPLIES 3
Jen_D
Moderator

Just started using QBO UK. Company owes me start up money, how do I set up a current liability to show this on the BS and draw down payments from?

Thanks for visiting the community for this partner loan concern, @cherylanncollins.

 

I'm delighted to help you with this so you can get this done. For this, you can set up an Other Current Liabilities or Long Term Liabilities account depending on term of the loan. After that, you can enter a journal entry to record the loan. When the company is ready to pay the loan, you'll just need to write yourself a check in QuickBooks.

 

Here is the link of the steps you need to complete: How to record a company loan from a company officer or owner?

 

If you have any questions along the way, please post here again or mention me anytime. I'll be right here to help.

cherylanncollins
Level 1

Just started using QBO UK. Company owes me start up money, how do I set up a current liability to show this on the BS and draw down payments from?

Thank you Jen, this is most helpful.

Mark_R
QuickBooks Team

Just started using QBO UK. Company owes me start up money, how do I set up a current liability to show this on the BS and draw down payments from?

Hi there, @cherylanncollins.

 

I'm happy to know that the solution shared by my colleague Jen_D above helps you with your loan concern. Please know that the Community forum is always open to help you again if you have other concerns with QuickBooks.

 

Wishing you continued success!

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