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LKTPL
March 5, 2023
Question

Loans & Online banking

  • March 5, 2023
  • 1 reply
  • 0 views

I use QBO and have my bank account linked to my QBO so all deposits are automatically linked. I have some deposits that need to be entered as a loan. (Money from my personal account that I put into my business account to cover overhead costs) How do I turn those already existing deposits on my account to show as a loan? 

1 reply

DHeraV
DHeraV
March 8, 2023

Hi there, @LKTPL.

I'm here to provide information about recording business expenses you made with personal funds in QuickBooks Online (QBO). 

In QBO, you can create a Journal Entry to cover overhead costs.

To record the business expense you paid for with own funds, here's how:

 

  1. On your QBO account, select +New.
  2. Click on Journal Entry.
  3. On the first line, select the expense account for the purchase.
  4. Enter the purchase amount in the Debits column.
  5. On the second line, select Partner's equity or Owner's equity.
  6. Enter the same purchase amount in the Credits column.
  7. Select Save and close.


Once done, decide how you want to reimburse the money. For detailed steps on how, kindly visit: Pay for business expenses with personal funds.

 

Moreover, I'll also share this link where you can search for articles that can serve as your reference to guide you manage your QBO account: QuickBooks Online Help Articles.

 

Feel free to leave a reply if you require further assistance with recording loans in QuickBooks. The Community team always has your back. Have a good one!

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