Useful WebSites:
April 1999
July 2000
November 2000
December 2000
January 2001
February 2001
March 2001
April 2001
May 2001
June 2001
July 2001
August 2001
September 2001
October 2001
November 2001
December 2001
January 2002
February 2002
March 2002
April 2002
May 2002
June 2002
July 2002
August 2002
September 2002
October 2002
November 2002
December 2002
January 2003
February 2003
March 2003
April 2003
May 2003
June 2003
July 2003
August 2003
September 2003
October 2003
November 2003
December 2003
January 2004
February 2004
March 2004
April 2004
May 2004
June 2004
July 2004
August 2004
September 2004
October 2004
November 2004
December 2004
January 2005
February 2005
March 2005
April 2005
May 2005
June 2005
July 2005
August 2005
September 2005
October 2005
November 2005
December 2005
January 2006
February 2006
March 2006
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007
January 2008
February 2008
March 2008
April 2008
May 2008
June 2008
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
Loans In QuickBooks
Q:
Subject: question...I saw your site and thought you might be able to answer question...sorry to bother you!I love your site. True entrepreneur----ialism...:-)Listen...hope you don't mind the note here....but Quick Books support drives me out of my mind. Rather pluck my eyes out than call them or try to sift through the community...so I am taking a chance and going to ask you ...if you mind..just delete...I am sure I will muddle through for another week or two in the dark...haha...anyway..I have made a couple of loans to another one of my own companies from my company. Seems quickbooks makes it easy to take a loan but not give one. I read your part on that....and setting a Shareholder Loan Liability account.But not sure how to do it when I make a loan....pray tell...I am thinking this is an easy answer that is why I chanced asking you.Can you help me with a response. I apologize for popping in!With my Regards,
A:
I don't think you would get any help from QuickBooks on this because it's a basic accounting question, and nothing really to do with the software.
Setting up a loan payable or receivable is a simple task in QB. What you should be doing is coordinating your QB chart of accounts with your professional tax preparer and what s/he uses for the business tax returns because loans between companies, as well as loans from shareholders, can have either debit or credit balances and be show in either the asset or liability sections of the balance sheet.. The critical thing is to periodically reconcile the balances between the different company QB files to ensure they are in synch with each other.
If you aren't working with a professional tax preparer and are trying to do all of the tax returns on your own, you are crazy and will get yourself into serious trouble.
Good luck. I hope this helps.
Kerry Kerstetter
Follow-Up:
Yes..i have a CPA....but I am so grateful for your response. It helped me a lot! It helped me formulate what I was trying to ask...I am glad you understood so well....Thanks and Thanks!I will go to that site on reforms....I am with you on that subject I think! (have not read it yet..thats why I say that:-)
With my Regards,
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/23/2006 06:24:00 PM Send this post:
