How can I record repayment of a shareholder loan in QB online. the payment was taken from payroll deduction and a credit on our invoice from the payroll company.
How was the loan set up in your Accounts? Typically it would be a Other Current Liabilities or Long Term Liabilities (pending how long you're expecting the payback to take).
You should be able to make a Spit entry for the portion of the Payroll and apply it to the Loan Acct. But give us some more details on exactly how you showed their Payroll Payment.
the loan is recorded as a receivable. Loan was recorded dec 2022 and paid back dec 2023. It was a one time deduction to pay the loan off in full. It was a payroll deduction from employees paycheck since we use a third party payroll company the amount of the deduction was credited to our invoice from the payroll company.
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