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I have a loan to the company set up as a "other current liability"
How do I account for the company repaying the loan without having the company actually giving me a check? Can I journal it to be retained earnings?
Solved! Go to Solution.
Hello there, Bajadreamer.
I'll be glad to share what I know about your loan concern.
To account for the company repaying the loan without writing a check you can create a journal entry.
Basically, journal entries are used to document and record financial transactions when there's not already a designated form setup for them. Journal entries are also used to move money to and from different Quickbooks accounts.
Here's how to create a journal entry in QuickBooks Desktop:
You can also consult an accountant to further guide you.
Here's an article on how to import journal entries from your accountant.
I'm just a comment away if you have questions. Take care!
Hello there, Bajadreamer.
I'll be glad to share what I know about your loan concern.
To account for the company repaying the loan without writing a check you can create a journal entry.
Basically, journal entries are used to document and record financial transactions when there's not already a designated form setup for them. Journal entries are also used to move money to and from different Quickbooks accounts.
Here's how to create a journal entry in QuickBooks Desktop:
You can also consult an accountant to further guide you.
Here's an article on how to import journal entries from your accountant.
I'm just a comment away if you have questions. Take care!
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