How to record a cash payment to vendor (contractor) from personal funds
I am flipping my first house. I paid a contractor from my personal funds. I paid him in cash without depositing it into the business account. I was not thinking about how I would put this into QB. At a loss as to how to account for this when I didn't have any record of it in my bank account. I have to send this contractor a 1099 Misc. I entered an "other current liablility" as a shareholder loan. Made a journal entry for the payment to the contractor. However, the payment doesn't show up on his 1099 summary. Any help would be appreciated.