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Repaying Personal Loan to your business

Posted by rxmcknig@msn.com 
Repaying Personal Loan to your business
January 14, 2013 01:17PM
Hi -

I've made a loan to my business via Chart Of Account type 'Other Current Liability'. What is the best why to repay myself (periodic adhoc payments) and reduce the balance of the liability?

Thanks,
Rodney McKnight
Re: Repaying Personal Loan to your business
January 15, 2013 05:30AM
Just cut yourself a check under that same account and it will cancel each other out.
I made a long term loan with interest to my business and make ad hoc payments back. What is the best way to capture this in Quickbooks?

Thanks
Sarah
Re: Repaying Personal Loan to your business
August 03, 2013 10:02PM
Hello Sarah,

If you have QuickBooks Premier edition you would set it up in the Loan Manager window following all prompts. The payments would then be able to breakdown each payment by principal and interest automatically.

If you are using QuickBooks Pro you would set up a loan when entering the deposit or by going to the Chart of Accounts, choosing Account tab; new; follow the prompts. You can put the terms in the description field. You would need a payment schedule or Loan Amortization Schedule to split each payment by principal and interest.

Loan Amortization templates can be found in Microsoft Office or Excel programs.
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