Staff loans and classes

AJM0517 · ‎May 23, 2021

Hi,

I am working with a small charity and I need to be able to record a staff loan in such a way that ensures it is recorded as a movement between cash and the staff loan account - in such a way that the class is recorded in both balance sheet accounts.

I need to be able to do this for both the payment to the staff and then the payment back from the staff.

Is there any way to do this other than using a journal entry? I'm trying to keep journal entries for non regular payments and staff loans are a bit more regular than that in this particular case. We don't run payroll through Quickbooks.

Thank you

MJoy_D · ‎May 23, 2021

Thank you for getting back to us, @AJM0517.

I can share additional information about recording a staff loan even if you're not using our payroll service.

You can do it by creating a check/expense of the loan. Here's how:

Go to the + New button and select either Expense or Check under the Vendor section.
Enter all other details including the Payee, Date, Amount, and transaction number.
Select the right account from the Category details drop-down option.
Click Save and close.

Refer to the following articles for more information about writing a check or recording an expense:

Once your staff pays back the loan, you can record the payment by creating a bank deposit. Here's how:

Go to the + New button and select Bank Deposit.
Choose the bank account and enter the date.
From the Add funds to this deposit section, select the employee name from the RECEIVED FROM drop-down option.
Select the cash advance account from the ACCOUNT drop-down option.
Enter the amount.
Click on Save and close.

Here's more information about making a bank deposit in QBO: Record and make bank deposits in QuickBooks Online.

You can also check the following articles for additional details about handling accounts in the Chart of Accounts:

Let me know if you've got more questions in recording this staff loan by leaving a reply below. Take care and have a great rest of the day!

View solution in original post

GlinetteC · ‎May 23, 2021

I've got a way on how to handle this in QBO, AJM0517.

You can record a transfer to move funds between one to another. I'll show you how:

Click the + New button.
Under Other, select Transfer.
From the Transfer Funds From drop down list, select the bank account that the funds are coming out of.
From the Transfer Funds To drop down list, select the bank account the funds are being deposited into.
In the Transfer Amount field, enter the amount being transferred.
Edit the Date.
Select Save and close or Save and new.

To learn more information about recording a fund transfer between two accounts, please check this article: Transfer funds between accounts.

That should do it! If you have any other additional questions, please post them here. I'll be sure to help.

AJM0517 · ‎May 23, 2021

Hi

Thanks for this.

I thought that a transfer would not assign a class though? There is no where on the transfer page that I can see to choose the class?

Am I missing something?!

Maybelle_S · ‎May 23, 2021

I want to ensure this is taken care of, @jeffbean.

There are times that the browser is full of frequently-accessed page resources, thus accumulating and corrupts the browser cache causing the runtime user interface to malfunction.

To start, access the QuickBooks account using a private/incognito browser. You can use the shortcut keys below:

• Safari: Command + Shift + N

• Google Chrome: CTRL + Shift + N

• Mozilla Firefox or Microsoft Edge: CTRL + Shift + P

Once you're in, transfer and choose class again. If you're able to do so, we'll go back to your regular browser and clear the cache to get rid of the stored junk files.

If the same thing happens, you can use other supported browsers. It could be that the one you're currently working on has a temporary issue with QuickBooks.

You can check out this article for the details: Record a bank transfer.

I've added these articles about customizing reports in QBO:

• Run reports by class

• Filter, sort, or total reports by Class

If you have any other questions about this. I'll be keeping an eye out for your response. Keep safe always.

AJM0517 · ‎May 23, 2021

Sorry I'm quite confused.

How is clearing the cache going to help me work out how to do this staff loan transfer?

The original question was this: