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If I want to amortized a loan to the company . How is this been done in quickbooks?
The owner used his personal funds to purchase items. This is posted as an expense in quickbooks and charged off against the bank balance as you will have to select cash or check to clear amount. Should I now create an entry in owners equity to record this as this amount has to be given back. Explain
New to Quickbooks
Janet
Hello there, @Sheen Solutions.
We use the owner's draw account (equity account) to track withdrawals of the company's assets to pay an owner.
In the meantime, you can create an Equity or Owner's Draw account for your payment. Let me guide you how.
Once done, you can write a payment check to account an owner's payment.
For more information about the owner's draw, see this article: Set up and pay an owner's draw.
Don't hesitate to hit the Reply button for your other concerns.
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