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Johnmong
June 20, 2022
Question

Personal Loan to LLC

  • June 20, 2022
  • 1 reply
  • 0 views

I created an LLC and lent is $45k to cover start-up costs for payroll and supplies. I added the 45K to my Chart of Accounts as a long term Liability.  Can i begin paying the loan back as Personal Loan Note  and how do i record it when booking the expense?

1 reply

Candice C
Candice C
June 20, 2022

Good morning, @Johnmong. 

 

Welcome to the Community! I appreciate you coming here with your question about a personal loan within QuickBooks Online. 

 

I'd be more than happy to give you some insight on setting up a loan in your account. In QuickBooks Online, you can set up a liability account to record the loan and its payments. This account tracks what you owe.

 

Here's how to set up your liability account to track the loan: 

 

  1. Set up a liability account to record what you owe. 
  2. Record the money you got from the loan. 
  3. Record loan payment. 

 

In addition, review this guide for more detailed instructions for these actions listed above: Set up a loan in QuickBooks Online. 

 

Come back if you have any other questions or concerns. We're always here to lend a helping hand. Take care! 

J
JohnmongAuthor
June 20, 2022

Candice

 

This was excellent feedback - thank you so much!!!! 

LieraMarie_A
LieraMarie_A
June 20, 2022

You're much welcome, @Johnmong.

 

I'm happy that my colleague's able to help you with your concern. Feel free to reach out to us again if you need help with anything else.

Keep safe always!

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