We are a small (and brand new) company.
Frequently the owner / president will insert temporary funds into the company to cover payroll (including his own) and credit card payments while we wait for payment from clients. These have always been repaid in full within a month.
While I am less concerned with how these balance out, Quickbooks banking sees them as credits and debits (spent / received). Within Quickbooks, what is the most straightforward and simple way to account for these changes to the account balance? (Step-by-step instructions as I am still new to navigating the program.)
Hello there, maddyt.
Welcome to the Community. Let’s create an asset account to track the loan and then write a cheque to record it.
Here’s how to set up the account.
Check out these articles to learn more on how to set up an account as well as selecting the correct category:
To create a cheque:
I'm also adding a link where you can access our self-help articles and online tutorials. Each one helps you get acclimated to the product's features and processes.
Reach out to me if you have any other concerns or questions. I’m more than happy to answer them for you.