Recently our company converted from an LLC to a C-Corp. Each of the three LLC owners, who are now shareholders/officers of the new company, loaned different amounts to the C-Corp to have cash on hand to begin business. The loan checks have been deposited, and now I need to categorize each transaction in QBO to match the bank transaction made. I believe the loans are to be considered long-term liabilities for the account based on the agreed upon terms, however, I am not sure if I need to add/change the vendor/customer entry? In the LLC, when a draw was taken, the entry has us listed as an employee. Will this work or do we need to make a new name for each owner and specify as such? The loans will be accounted under each name as a long-term, my concern is not changing the vendor/customer's name will cause issues.
