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How do I record a business loan

I took out  loan in March 2018 when my business started. How do I record the money as it was in the bank account before I started trading.

2 REPLIES 2
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Re: How do I record a business loan

QBSE is too limited in functions, it does not allow for entering a loan and other things

 

QBSE does not allow for any new accounts (categories) to be created
QBSE does not have sales receipts, only invoices
QBSE does not have the class function
QBSE does not do recurring transactions
QBSE does not keep a customer or job listing
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do  home office deductions or depreciation
QBSE will not accept a banking file formatted as .qbo (a standard intuit type of file)

QBSE does not do sales tax either (not schedule C related but critical to a business)

QuickBooks Team

Re: How do I record a business loan

Hey @MichaelShaw,

 

Are you required to declare this loan as part of your Self Assesment Tax Return (SA103F?) - If you're unsure, check with HMRC or your Accountant.

 

Depending on the answer to that question, will depend on what you record in QBSE.

 

You might benefit from having a conversation with an accountant about our Simple Start, Essentials or Plus account packages, you can set up your Chart of Accounts to reflect the categories on a Self Assessment Tax return, and you'll be able to record the loan as a liability on the account and show this in reporting.