Comments on: How do I categorize a business loan in Quickbooks? http://networkresourcesblog.com/2009/07/how-do-i-categorize-a-business-loan-in-quickbooks/ Working for Your Network and Information Technology Solutions Wed, 03 Feb 2010 23:08:50 +0000 http://wordpress.org/?v=abc hourly 1 By: Tina B http://networkresourcesblog.com/2009/07/how-do-i-categorize-a-business-loan-in-quickbooks/comment-page-1/#comment-744 Tina B Wed, 01 Jul 2009 16:48:17 +0000 http://networkresourcesblog.com/2009/07/how-do-i-categorize-a-business-loan-in-quickbooks/#comment-744 Go to chart of accounts and open a long term liability account for the amount borrowed. Each month reconcile this account just as you do your bank account, apply interest and payments so you balance goes down and the business gets credit for the interest paid tax wise. Can't remember exactly the deposit step, because I don't have quickbooks on this computer, but I think after that you can deposit it from the deposit menu or you may have to do a general journal entry for the transfer. Go to chart of accounts and open a long term liability account for the amount borrowed. Each month reconcile this account just as you do your bank account, apply interest and payments so you balance goes down and the business gets credit for the interest paid tax wise.

Can’t remember exactly the deposit step, because I don’t have quickbooks on this computer, but I think after that you can deposit it from the deposit menu or you may have to do a general journal entry for the transfer.

]]>