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Bajadreamer
Level 2

Officers loan to company -repayment without writing a check

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
Best answer April 07, 2021

Best Answers
AbegailS_
QuickBooks Team

Officers loan to company -repayment without writing a check

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:

  1. Go to Company and select Make General Journal Entries.
  2.  In the Make General Journal Entries window, change the Date field if you want that your entry gets recorded in a proper financial time period.
  3. Enter a number for your journal entry in Entry No. Field
  4. Enter the general ledger account number in the Account column. 
  5. Provide the debit or credit amount for the account that you have selected into the Debit or Credit columns. 
  6. In the Memo column, enter a descriptive memo about the journal entry. (Optional, but can be helpful). 
  7. Repeat the steps until the entries completely offset each other. 
  8. Hit Save and Close to save your journal entry.

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!

 

View solution in original post

1 Comment 1
AbegailS_
QuickBooks Team

Officers loan to company -repayment without writing a check

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:

  1. Go to Company and select Make General Journal Entries.
  2.  In the Make General Journal Entries window, change the Date field if you want that your entry gets recorded in a proper financial time period.
  3. Enter a number for your journal entry in Entry No. Field
  4. Enter the general ledger account number in the Account column. 
  5. Provide the debit or credit amount for the account that you have selected into the Debit or Credit columns. 
  6. In the Memo column, enter a descriptive memo about the journal entry. (Optional, but can be helpful). 
  7. Repeat the steps until the entries completely offset each other. 
  8. Hit Save and Close to save your journal entry.

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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