cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Self-employment: How do I categorise a Bank Loan?

In Self-employment as a sole trader: how do I categorise a bank loan (both the payment into my account and the payments back?) Thanks
1 REPLY 1
QuickBooks Team

Re: Self-employment: How do I categorise a Bank Loan?

Hello Simon,

 

Welcome to the Community - thank you for your question!

 

The payment of the loan into your account can be categorised as either Owner's deposit or Business income - this is something we would advise to check with an accountant to make sure it posts to your self assessment correctly. In regards to the payments back, you would use the Repayments of loans/overdrafts category.

 

Thanks,

 

Talia