Hello. I was reading your comment and wondered if you can help me solve a issue we have at our comic book shop. My dilemma is the following: There is a vendor that is our main supplier and we've owed past due invoices with them. Currently, my boss (co-owner) had a 401K and decided to borrow from it, in order to pay the debt we owe and continue ordering from this specific vendor. Now, he took 30K and the funds went into his personal checking account and he decided to send the check from his personal account instead of transferring the money to the business account and pay it from there. Why he did that, because if he would've transferred the 30K to the business account, they had stated it would take a while to clear. Our vendor wasn't budging on sending us anything until these past invoices were paid. How can I make the funds available in Quickbooks to apply to all these past invoices? Here's what I did: Journal Entry from "Partnership Loan" account to a "Cash on Hand" account. Why? Because when we tried doing it from "Partnership Loan" to an "Open Equity" account hit save, the options on applying the payment to each bill didn't have an "Open Equity" account option. It only gave us to take from our regular Banks or a "Cash on Hand" Bank. Since we don't have feeds for this bank, being that it is his personal bank account, we wouldn't be able to reconcile it. So making a new bank for just this 1 time use wouldn't be ideal in my opinion, but I could be wrong. I just want a second opinion or if you know a better way. FYI, the check was already cashed by vendor.
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