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paragonuniforms1
Level 1

In 2010 I lent money to my company to pay for various expenses and a BOE penalty tax. I now want to repay myself for this loan using Quickbooks transactions, how can !?

 
1 Comment 1
Angelyn_T
QuickBooks Team

In 2010 I lent money to my company to pay for various expenses and a BOE penalty tax. I now want to repay myself for this loan using Quickbooks transactions, how can !?

Hello there, @paragonuniforms1.

 

Thank you for adding a post. I'm here to take care of your concern today and guide you on how to record a loan repayment in QuickBooks Online.

 

To get started, identify the liability account used when recording the loan. Then, set up an expense account for the BOE penalty tax if you haven't created one. You may reach out to your accountant for the appropriate account and detail types. But if it's included in the loan amount, you can record them as one.

 

After that, you're now ready to record the loan repayment. Here's how:

 

  1. Open your QuickBooks Online (QBO) account then, click on select Check or Expense from the (+New icon.
  2. Add a check number if you plan to send an actual check. If you use direct withdrawal or an ETF, enter Debit or ETF in the Check # field.
  3. On the first line, select the liability account for the loan from the Category dropdown. Then enter the payment amount.
  4. On the second line, select the expense account for the interest (penalty) from the Category dropdown, then enter the amount.
  5. On additional lines, add any additional fees. Select the appropriate accounts from the Category dropdown.
  6. Once completed, click on the Save and Close button.

For more information about recording and paying loans in QBO, you can check out this article: Set up a loan in QuickBooks Online.

 

Just in case you want to track customer loans in the future, you can as well open this link for the instructions.

 

I'm looking forward to hearing from you again. If you have any other QuickBooks questions, please feel free to add a comment below. Have a great day!

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