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jh253
January 13, 2020
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How to record expenses paid by employee as loan to company?

  • January 13, 2020
  • 1 reply
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An employee is loaning money to the company by paying numerous necessary expenses over time. I want to record both the individual expenses for accurate expense accounting and the corresponding total loan amount. I already have an NP account for the employee. Is this typically done by recording the individual expenses and then connecting them to the NP general ledger account? or is a separate amount entered for the NP and they are never connected? Or is there a better way?

 

Best answer by AlexV

I have no options to create a journal entry, my interface has changed (see attached).

 

 


We can change the URL, jh253.

 

In the address bar, let's change the last word into "journal". This will route you into the journal entry page.

 

For example:

 

Then, we can follow the steps shared above in recording expenses paid by your employee.

 

Also, there's an option in the new interface of QuickBooks to set it as Business view or Accountant view. The Journal Entry and other options will be hide if it's set to Business view. You can follow these steps to change it:

  1. Go to the Gear icon and select Accounts and Settings.
  2. From the Advanced tab, click on User view.
  3. Change it to Business view. Once done, click Save.

Please visit us again if you need anything else. We're always here to help you.

1 reply

Rustler
Rustler
January 13, 2020

create a liability account named due to [name] in the chart of accounts

 

in the chart of accounts, use the register

make entries as increases, select the expenses paid and the amounts

J
jh253Author
January 13, 2020

I created a liability account in the chart of accounts. I'm not sure I understand:

 

"in the chart of accounts, use the register

make entries as increases, select the expenses paid and the amounts"

 

I cannot edit these expenses in the chart of accounts. I have to create expenses from the "expenses" tab. When the expense is entered, it requires a payment account and I cannot select the liability account I created. 

 

I also seem to be having problems creating journal entries. Following this advice from the quickbooks website, I don't have an option to create journal entries. I also cannot do it from the chart of accounts tab. I'm really puzzled. Could my accountant have limited my access to do this?

https://quickbooks.intuit.com/learn-support/en-us/journal-entries/create-journal-entries-in-quickbooks-online/00/192925

 

Create a journal entry

 

  1. Select the + New button.
  2. Select Journal Entry.
  3. Fill out the fields to create your journal entry.
  4. Select Save and new or Save and close.

 

R
RCV
January 14, 2020

Let's perform some troubleshooting steps for you to edit the expenses and create a Journal entry, jh253.

 

When you invite your accountant as one of the users, they have access to create a Journal entry in QuickBooks Online (QBO). To better isolate if this is a browser issue or not, let's access QBO using a private window. This mode doesn't use the existing cache data and helps us confirm browser-related issues.

 

Then, try editing the expenses in the register or create a Journal entry.

 

If it works, go back to the original browser and clear the browser's cache to delete the temporary Internet files. You can also use a supported, up-to-date browser.

 

On the other hand, you only have the option to choose the Other Current Assets, Bank, and Credit Card in the Payment account field when creating an expense. To choose the Liability account, we need to enter it in the Category column.

 

For posting accounts that you'll need to use when creating a journal entry, please reach out to your accountant. They'll help you on how to record the transaction.

 

I have articles here for your future reference about setting up a loan and reimbursing employees:

 

Keep us posted if you need a hand with preparing your year-end report or any QBO related. I'm always here to help.

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