Question

Recording business funding

Forum|Forum|1 year ago
September 15, 2024
1 reply
5 views

I got business funding through my card payment machine, and I am struggling to know how I can show the loan coming in and then the repayments going back out??

QuickBooks Self-Employed

F

FaithA

Level 1

I'm here to help you, Tint train. Let's go through the steps of recording your business funding in QuickBooks Self-Employed (QBSE).

While we can’t directly advise on which account to categorize your loan transactions into, I’m happy to provide you with the steps to record them. Here’s how:

Go to the Transactions menu.
Click the Add Transaction button.
Enter the Loan details.
Choose Personal in the Type column.
From the Category column, select Income.
Hit the Save button.

For an accurate categorization of your loan received and repayments, it’s best to consult your accountant on where to place them. They have the expertise to determine the appropriate accounts for your transactions.

For future reference and additional guidance about expenses, you can check out this helpful Community article: Allowable and Disallowable Expenses explained.

If you need more assistance recording your business funding, please don’t hesitate to reach out through this thread. The Community will respond promptly to assist you with any additional queries.

T

Tint trainAuthor

Hi Faith

Thanks for your response. The issue I’m having is that when you click transaction on my account it only given you add income, add expense & snap receipt. None of the other options you had mentioned!!

R

RCV

QuickBooks Team

Thanks for coming back, Tint train.

We appreciate you for providing us with a screenshot to better isolate the issue. Since you access your QuickBooks Self-Employed (QBSE) account on a mobile app, we can go to the Transactions section. Then, you'll have the option to swipe left to categorise them as Business or right for Personal. You can check out this article for the steps and details: Categorise transactions in QuickBooks Self-Employed. Then, go to On an iPhone or iPad (iOS) or an Android phone or tablet section.

On the other hand, the loan received will be tracked as Personal and isn’t part of the business income in QBSE. We can go to the Transactions page by accessing your account through the web and enter the amount. Here’s how:

Go to the Transactions menu to select the Add transaction button.
This displays field boxes where you can input the loan details.
From there, enter the correct date, transaction information, and the amount.
Under Type, choose Personal.
Press Save to keep the record.

By the time you pay the capital amount, it is tracked under Business Loans. While the interest is categorized under Business Interest (Schedule C). To track these entries, perform the same steps above and categorize them accordingly.

Moreover, you can check out this article to view the complete list of categories used to track entries: QuickBooks Self-Employed Schedule C Categories breakdown.

Drop a comment below if you need more help with recording loans or any QuickBooks-related concerns. We're always here to help you in any way we can. Take care always.

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