only search Fathom Graphics

 

 

Bookkeeping

   Fast Answers

   Bookkeepers Links

   File Retention

   QuickBooks® Tips

   Payroll Report Tips

   Manual Payroll

   Credit Card Tips

   Year-End Tips

Contact

Loan Questions

Here are some fast answers to questions recently asked through the Fathom site.

Use our contact form to submit a question for Fast Answers.

 

Show/Hide AnswerHow do I track loans I have made to people?

When you make the loan, post the check to a new other asset account, for example, Jones Loan. This will record the loan and it will appear on your balance sheet as an asset. When Jones makes a payment, you can record it as you deposit the payment into your checking account. Go to Banking, Make Deposits and fill in the deposit slip. Received From Jones, Account Jones Loan, and the method of payment and amount.

You can go to Lists, Chart of Accounts at any time and double click the Jones Loan and see a register showing your loan or loans to Jones and his repayments

 

 

Advice and tips provided on the Fathom Graphics website are not a substitute for advice from your CPA, tax preparer or attorney. We are not CPAs or attorneys and do not provide legal or tax advice.