Skip to main content
V
Visa C
January 23, 2022
Question

Short term borrowing form related parties

  • January 23, 2022
  • 1 reply
  • 0 views

The company has been borrowed some amount from related parties. However, the company has been paid back by deducting some amount from the invoice payment. Please advise how should I input this transaction. 

 

1 reply

Angelyn_T
Angelyn_T
January 24, 2022

Hi there, @Visa C. I'll guide you on how to track your entries in QuickBooks Online (QBO).

 

In your case, you can make your expenses or the payment of the borrowed amount billable to your customer so you can add it when recording your invoices. This feature is available for QBO Plus users.
 

To start, let's enable the feature through the Account and Settings window.

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Go to the Gear icon, then select Account and Settings.
  3. Click on Expenses.
  4. Go to Settings ⚙, then select Account and Settings.
  5. Go to the Expenses tab.
  6. From the Bills and expenses section, select Edit ✎.
  7. Turn on the following:
    • Show Items table on expense and purchase forms
    • Track expenses and items by customer.
    • Make expenses and items billable.
  8. (Optional) Set up the following:
    • Markup rate
    • Billable expense tracking
  9. Hit Save, then Done.

 

After that, record your billable expense.

 

  1. Go to the +New icon, then choose the transaction you want to create (Bill, Expense, Check).
  2. Select the payee.
  3. In the Category column, select the expense account for the transaction.
  4.  
  5. Enter the description and amount of the expense, then select the Billable checkbox.
  6. In the Customer column, select the customer you want to bill for this expense.
  7. (Optional) Enter or make sure the markup % is correct, then select the Tax checkbox or choose a tax agency if you want to charge tax.
  8. Hit on Save and close.

 

Once you record an invoice, add the billable expense from the right side of the page. To learn more about the process, check out this article: Enter billable expenses.

 

For more hints while tracking your income and expense entries in QBO, review the resources from these links:

 

 

Please let me know if you have any other follow-up questions while tracking your borrowed amount and invoices. I'll be right here to help. Keep safe​​​​​​

Terms & ConditionsAccessibility statement