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?