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Bhopson
January 17, 2024
Question

Shareholder Loan Repayment

  • January 17, 2024
  • 1 reply
  • 0 views

How can I record repayment of a shareholder loan in QB online. the payment was taken from payroll deduction and a credit on our invoice from the payroll company. 

1 reply

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Pete_Mc
January 17, 2024

How was the loan set up in your Accounts?  Typically it would be a Other Current Liabilities or Long Term Liabilities (pending how long you're expecting the payback to take).  

 

You should be able to make a Spit entry for the portion of the Payroll and apply it to the Loan Acct.  But give us some more details on exactly how you showed their Payroll Payment.  

 

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BhopsonAuthor
January 17, 2024

the loan is recorded as a receivable. Loan was recorded dec 2022 and paid back dec 2023. It was a one time deduction to pay the loan off in full. It was a payroll deduction from employees paycheck since we use a third party payroll company the amount of the deduction was credited to our invoice from the payroll company.  

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