Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowIf you borrowed money from the merchant account, then it is a liability.
typically the merchant account takes some portion of your sales and applies it to the balance due, paying it down as your business makes sales.
Typically you book the gross sales, less the merchant account fee, and then you can make an entry for the loan payment.
A deposit might look like this
income, $$$$$$ (gross sales)
merchant fee expense, -$$$ (negative number)
Merchant loan payment, -$$ (negative number)
Net amount
But if you are paying an accountant, why is he not helping you make entries? he works for you, or get another one, accountants are a dime a dozen.
And what he told you to do makes no sense to me. RE is distributed to the owner(s) at the start of the year.
This is a merchant account loan that was paid off long ago. The bookkeeper I had at the time set it up but never took out the payments and fees. So I need to just 0 it out. I pay my accountant to do my taxes. I don't have him on retainer. I thought this community was an alternative to tying up Quickbooks online representatives. Am I not supposed to ask questions here?
No, asking questions here is actually going to get you better answers than calling intuit, sorry I gave you the wrong impression.
Now that you have added the information about it being paid off with out the pay off paying down the loan, his advice makes more sense
journal entry, debit the loan account, and credit RE
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.