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kvielmo
Level 1

using personal funds to offset an LLC expense

Hi,

 

This is likely a question for my CPA, but I wanted to try to get some ideas here. Long story short: we have an LLC (and I use QBO to track expenses and income) for our short-term house rental. I've decided to get solar panels installed before the end of the year. 

 

My LLC bank account is short about $8,000, but I need to make the full payment for the solar panels before Dec. 31, 2020. I have $8,000 in savings that I'd like to "loan" (Owner's Equity) to the LLC, and then in 2021 I'd like to pay myself back this $8,000.

 

From a QBO perspective, would this $8,000 payment back to me be considered "Owner's Draw"? And if so, 

1 Comment 1
kvielmo
Level 1

using personal funds to offset an LLC expense

After I wrote this, I thought: maybe this would be entered into QBO simply as a Loan as a Short Term Liability (lender is Me, Personal; and borrower is LLC)?

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