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Join nowHi everyone,
I am a new business owner, and have received a long term loan from a family member which I do not need to pay back right away for my business. The loan was deposited into my personal bank account, and I have spent part of it for my business. How do I record this loan and other business expenses from this loan? Thanks!
Best,
Alice
Hi there, @pandayeah2017.
I appreciate you reaching out to us. I can help you record a long term loan in QuickBooks for Mac.
1. You have to set up a liability account:
2. Set up a vendor as the loan company:
3. Record the loan.
4. Record the loan payments.
For additional insights, please check this article: Manually track loans.
That's it. Keep me posted if you have more questions. I'm still here to help you more.
Thanks for your reply. I got the money as a loan from a family member instead of the bank , and I do not need to pay back the money with in three years. In this case, how should I record this loan? Thanks!
Hi HoneyLynn_G,
Thanks for you reply. I got the money as a loan from a family member instead of the bank, and I do not need to pay back the loan with in 3 years.In this case, How should I record this loan? Thanks!
@pandayeah2017 wrote:
Thanks for you reply. I got the money as a loan from a family member instead of the bank, and I do not need to pay back the loan with in 3 years.In this case, How should I record this loan? Thanks!
if you do not ever have to pay it back it is a gift and not a loan
if you have to pay it back some time in the future
create a long term liability account named for the person you borrowed from, Mom-loan as an example, zero balance
create a deposit for the amount you received, use the Mom-loan account as the source account for the deposit, save
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