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confused2019
December 27, 2019
Question

Inter company loan

  • December 27, 2019
  • 1 reply
  • 0 views

Have one file with 2 bank accounts

 1. property bank acc

2. Admin cleaning bank acc

 

I paid $1005 of property insurance from admin bank account

how do I do a loan from admin to property account 

transaction in bank account do I put that to insurance expenses  or  theloan account. 

 

 

 

 

 

 

 

1 reply

R
Rasa-LilaM
December 27, 2019

Hi there, confused2019.


Welcome to the Community. Let’s set up a liability account to track the loan and then create a journal entry to record the money spent.


Here’s how:

 

  1. Go to the Accounting menu on the left panel and pick Chart of Accounts to select the New button in the upper right hand.
  2. These actions will open the Account window.
  3. Choose Current liabilities/Non-current liabilities from the Account Type ▼ dropdown.
  4. For the Detail Type, pick Notes Payable.
  5. Enter a term that will identify the item. For example, Loan for a car.
  6. Input the full loan amount as a negative number in the Amount field.
  7. Hit the Save and close button.


To enter a journal entry:

 

  1. Tap the New menu or Plus icon in the upper left hand to choose Journal Entry under the Other section.
  2. On the Journal Entry page, go to the Account column and then enter the liability account on the first line.
  3. Then, input the loan amount in the Credits column.
  4. On the second line, choose an appropriate asset account from the Account dropdown and enter the same loan amount in the Debits column.
  5. Hit the Save button to keep the changes.


The next thing to do is to record a loan payment. For detailed instructions, follow the recommended steps in this article and perform Step 3: Set up a loan.


Reach out to me if you have further questions while working in QBO. I’ll pop right back in to assist further. Enjoy the rest of the day.

 

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