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Ivay_007
October 24, 2019
Question

Best way to record loan to company from owner on a credit card

  • October 24, 2019
  • 1 reply
  • 0 views

Hi there,

 

Just wondering the best way to record a credit card balance (around $5000) as a start up loan.  It will be a long term liability.  It's currently sitting on the credit card because she can't pay it all off at once.  Thoughts?

 

Thank you!

1 reply

AddieC
AddieC
October 24, 2019

Hi there, 


Thanks for reaching out to us here in the Community. I know how important it is to record your loans in QuickBooks Online. I'd be happy to help you record this long term liability loan. 

 

Keeping track of what you owe is essential. To set up a business loan, follow these steps: 

 

1. Click the Gear icon ⚙️ and select Chart of Accounts.
2. Select New.
3. Set the Account Type to Other Current Liabilities or Long Term Liabilities.

Note: If you will pay the loan within the current fiscal year, use Other Current Liability. If it's after the current fiscal year, use Long Term Liability.
4. Set the Detail Type to Loan Payable.
5. Enter the name of the account, then select Save and close.

 

Simple as that! For more information about recording a loan and it's payments, take a look at this article: Record a loan and its payment.

 

If you have any other questions, please let me know. 


Cheers.

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