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sabrina-curltran
Level 1

One of the owners loaned $X to the company. How do I enter this in QBO?

S Corporation in New York.
4 Comments 4
Rose-A
Moderator

One of the owners loaned $X to the company. How do I enter this in QBO?

A warm welcome to the Community, sabrina-curltran.

 

To ensure you're loans are accurate, you'll need to create a Liability Account. Depending on the repayment interval, the Account Type can be Other Current Liabilities (to be paid in full in one year) or Long Term Liabilities (to be repaid over more than one year).

 

You can follow the step-by-step process below in creating an account in QuickBooks Online:

 

  1. Click the Gear icon ⚙️ and choose Chart of Accounts.
  2. Select New.
  3. In the Account dialog, select either Other Current Liabilities or Long Term Liabilities from the Account Type drop-down list, depending on the type of loan and its repayment time frame.
  4. From the Detail Type drop-down list, select either Other Current Liabilities or Long Term Liabilities.
  5. Enter a Name for the account. For example, Loan from Officer/Owner.
  6. Leave the Unpaid Balance field blank.
  7. Hit Save and close.

 

The following is a brief video to serve as a visual reference:

 

 

For the other steps, you can refer this article (proceed to Step 2): How to record a company loan from a company officer or owner.

 

If you have further QuickBooks questions, feel free to reply. I would also encourage you to speak to an accountant or bookkeeper for additional help if required. Have a good one.

Markus
Level 3

One of the owners loaned $X to the company. How do I enter this in QBO?

You will go to chart of accounts and add a liability called Loan from owner. Next you will go to bank deposit and choose what bank account it is getting deposited to. Next you will enter the Owner's name in the received from column and under account you will choose Loan from owner. Last you will enter in the amount and at the bottom right click save and close. 

Peak Performance Coatings
Level 2

One of the owners loaned $X to the company. How do I enter this in QBO?

In your opening sentence, you used the incorrect usage of the word "your" with "you're".

 

AND the video has nothing to do with the article!

Mel2200
Level 1

One of the owners loaned $X to the company. How do I enter this in QBO?

Your snarky grammar comment is just plain mean.

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