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How to record loan payments

We have a small loan with Shopkeep.  Every day they take a percent of the sales and apply it to the loan payment.  How do I record these payments in QB?  We never see the cash for the payments as Shopkeep takes the money before it hits our bank account.  Thanks!

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Best answer 01-05-2019

Accepted Solutions
Intuit

Re: How to record loan payments

Hello,

 

What you could do is setup a liability account in QB to track the loan you have with Shopkeep.  When you get a deposit from Shopkeep, enter the FULL amount of the deposit before the loan payment they remove and on the deposit, add a second line with a NEGATIVE amount for the loan payment and offset the liability account you created.  This way it shows you had correct income, but you had to use some of the deposit to pay the loan.

(picture below)

 

 

1 Comment
Intuit

Re: How to record loan payments

Hello,

 

What you could do is setup a liability account in QB to track the loan you have with Shopkeep.  When you get a deposit from Shopkeep, enter the FULL amount of the deposit before the loan payment they remove and on the deposit, add a second line with a NEGATIVE amount for the loan payment and offset the liability account you created.  This way it shows you had correct income, but you had to use some of the deposit to pay the loan.

(picture below)

 

 

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