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Level 1

Loan From Shareholder - SCorp

Hey there everyone, I have company i keep books for and had a quick question. The shareholder of the company loaned 60k to the business in december 2017 to cover last minute expenses, and paid back the 60k in January when he received payment from a job. The he loaned money to the company again in December of 2018 to cover expenses. Would the loan amount from 2018 be entered into the loan account i have set up from the previous year (2017) where the 60k was entered and paid back, or do i create separate accounts every time the shareholder loans money to the company? Looking for a bit of help, thanks in advance!

1 Comment
Level 12

Re: Loan From Shareholder - SCorp

I believe you can use same account. What gets reported on the 1120S and K1 is a total of all shareholder loans as of year end.


Ofvourse I could be wrong. There certainly is no downside to entering each loan ss a new loan rather than equivalent of a credit line

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