how to record expenses in quickbooks 2015

Once the combined accounts move to a debit position, the rules of the game change. The owner will have to keep a very close eye on both accounts (if you setup the shareholder loan as long term) to ensure s/he stays in a credit balance. If the owner-manager made cash withdrawals, I would also enter them to this account or if s/he make personal purchases with corporate funds. I have the owner submit expense reports with receipts attached to get reimbursed for business expenses made with personal funds. I prefer to setup a credit card type account in QuickBooks called ' 'Owed to Owner' (or you could substitute their actual name). because shareholder's tend to make multiple withdrawals (and possibly deposits) over the year for personal expenses. that is why shareholder loans are normally classified as a current liability account. if you classify the loan as long-term, make sure any personal expenses are not withdrawn from here. This will differentiate it from the Shareholder Loan account that is normally classified in current liabilities. I would call the account Shareholder Loan - Long Term. If the Owner makes a loan to the company and it will not be paid back within the year, I know this is a Long Term Liability, but I do not know what to call the account.

The T2125 Schedule Series - Canadian sole proprietors.The Employee Payroll Rates - US and Canada.The Self Employed Rates - US and Canada.

The Travel/Auto Rates Options - US and Canada.

How to record expenses in quickbooks 2015