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June 29, 2024
Question

If I repay money taken out of my (general partnership) company, does this count as personal income?

  • June 29, 2024
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

June 30, 2024

We appreciate you posting your concern here in the QuickBooks Community, Amplfied.

 

Recording this repayment as personal income in QBO is not advisable. It would be best to consult your accountant to determine the appropriate category to record this transaction. Once you have spoken with your accountant, you can follow these steps to save the repayment:

 

Using Check:

  1. Select +New, then Check.
  2. Enter the person or business you're paying back.
  3. For the Check no., enter a check number.
  4. Enter the following information in the Category Details section.
  • First line: The equity account you use to track the investment in QuickBooks and the amount you're paying back today.
  • Second Line: The expense account you use to track the interest you pay and the amount of interest that is part of your payment today.
  • Other lines: Any additional fees and their appropriate accounts

5. Hit Save and close.

 

If you're paying with a Credit or Debit card, you can check this article to learn how to record the repayment: Enter and manage expenses in QuickBooks Online.

 

Moreover, let me share this article to learn how to send your receipts and bills by email: Email receipts and bills to QuickBooks Online.

 

Keep me posted if you still have questions about recording your transactions in QBO. Have a great day, and take care.