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QuickBooks: Loan Payments and Personal Credit Card Payments

Have you ever encountered the challenge in QuickBooks of navigating a payment to your personal credit card from your business account? We understand that it can be trickier than it seems. In our video linked below, we aim to give you a comprehensive tutorial to make bookkeeping a lot easier.

 

As we shift our focus to loans, we recognize that there can be complications that come up when these transactions aren’t formally documented. Don’t worry because the video linked below not only goes over credit card payments, but also hot to categorize loan payments. From nomenclature choices to addressing interest payments, we’ll equip you with the knowledge to streamline your financial records.

 

We’ll also dive into scenarios where loan payments encompass both principal and interest, guiding you through those financial intricacies. Witness the real-time impact on your loan accounts as you make payments, because we want to provide you with a transparent view of your financial narrative.

 

Before you watch the video below, allow us to offer a sneak peek into a clever journal entry technique. Setting up your mid-year financial books for a loan acquired in the previous year doesn’t have to be daunting. We present an alternative approach that avoids heavy reliance on the “opening balance equity” account.

 

Here’s the video:

 

As always, let us know if you have any questions because we’re here to help you fight back against the IRS!

 

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