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March 22, 20232:33 PM
last updatedMarch 22, 20232:33 PM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
For a business, a loan is categorized as a liability.
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March 22, 20232:47 PM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
Not seeing a category for liability?
March 29, 20238:55 PM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
On your tax return or in Mint? Loans don't go on your tax return. You can deduct the interest. But for the loan amount it is not income, you just expense the things you buy with it.
March 29, 20239:02 PM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
I should have specified, but it's on Quick books. The transaction shows up as a business deposit, but it's not income. Didn't know where to put it.
March 30, 20232:52 AM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
Go over to the QuickBooks forum here…
https://community.intuit.com
March 30, 20238:15 AM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
I actually started there and was told that QB is not detailed enough and to ask my accountant???
March 30, 20238:39 AM
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How should I categorize a business loan? Not the repayment of principle or interest, but the lump sum of the loan when it's first received.
Hey there! I'm new here, but I may have a solution for you. As you mentioned, a business loan is typically classified as a liability. However, in QuickBooks, you can categorize it as "Other Current Liability" or "Long Term Liability," depending on the length of the loan.
If you're still unsure, I found a helpful website called businessfinanced.co.uk that has a lot of information on business loans and accounting. They may have more detailed advice, or you could consult with an accountant for guidance. I hope this helps!
April 5, 20237:52 AM
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