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March 12, 2019
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Where do I put Shareholder Loan from Credit Card Debit and Credits?

  • March 12, 2019
  • 2 replies
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I've paid for many business expenses for my Incorporated Canadian company through my personal credit card. When I made these transactions for the business I created a Shareholder Loan - Long Term and Short Term account, and would put those exact charges into the appropriate sections to keep track of what I owe myself.

Because these expenses were paid from my personal Credit Card, how do I move the money to an account as a positive number to use to pay for things?

For example I paid for my webhosting with my personal credit card. I make an entry in my Shareholder Loan account for $120.00 on the same date as the transaction (to keep track of what my company owes me). Now I need to put this money some where, and make an expense entry under Advertising and Promotion for $120.00. What is the correct step?

Thank you.

Best answer by Rustler

I think I solved the issue, I just make a GENERAL LEDGER entry which adds to the Shareholder Loan, and puts the same amount into Advertising Exp. Later on, I would make a cheque payable from my Bank to my Shareholder Loan account to pay myself back, correct?

Yes that will work just fine


2 replies

March 12, 2019
I think I solved the issue, I just make a GENERAL LEDGER entry which adds to the Shareholder Loan, and puts the same amount into Advertising Exp. Later on, I would make a cheque payable from my Bank to my Shareholder Loan account to pay myself back, correct?
Rustler
RustlerAnswer
March 12, 2019

I think I solved the issue, I just make a GENERAL LEDGER entry which adds to the Shareholder Loan, and puts the same amount into Advertising Exp. Later on, I would make a cheque payable from my Bank to my Shareholder Loan account to pay myself back, correct?

Yes that will work just fine


March 12, 2019
Thanks! Sometimes I over think!