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Working on a quickbooks pro file for an independant contractor(sole proprietor) that received an SBA EIDL loan.
EIDL loan(yes loan, not advance) of $5,000 for example was entered as Uncategorized Income in Bank Account.
Entered a check for $100 paid from Bank Account to Owner(vendor), categorized as Owner Draw (for portfolio development work).
Now the Owner's draw account shows Negative $100 balance. Is this correct?
I'll help you record properly an owner's draw account in QuickBooks, @bigbang.
First, let's create an owner's draw account:
Once done, write a check from an owner's draw account:
In addition, you can check out this article on how to set up accounts for your loans, and manually track them in QuickBooks Desktop.In case you want to keep track of your loans and be reminded about upcoming payments, you can track and manage your loans with the QuickBooks Loan Manager.
That's it! Please let me know if there's anything else I can do to be of assistance. Have a great weekend!
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