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Posted by Melvin on February 23, 2007, 12:43 am
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One way to do what you want it to create an Asset type account and call it
"Loan to XYZ" (where XYZ is the name of the person you loaned the money to.
Then, instead of recording the outflow of the money from your "Chequing"
account to some mysterious category, you could instead record it as a
TRANSFER to the "Loan to XYZ" account. Basic accounting here...
Please consider my suggestion to take a grade 10 level accounting course to
get a basic grounding in accounting; you will be glad you did. The results:
good data, less time wasted, confidence in your abilities, etc.
> Take an introductory accounting course at a local high school; I'm certain
> there are evening courses available in your area.
>
> You are sure to learn about the differences between income & expenses and
> assets & liabilities.
>
> This basic information will be invaluable in helping you decide between
> trying to record a loan as an expense or placing it onto your books as say
> a "receivable" (asset).
>
>> Today is my first day with Home & Business 2007. It is disappointing that
>> no book is included. Online help is better than nothing, but not by much.
>>
>> What category should I use for a check that I wrote as a personal loan
>> that I made to someone? I assume that it is an expense since there is no
>> "owner's equity" category like there is for business accounting.
>>
>> I'm already abusing "misc". Please make some suggestions to help me get
>> off on the right foot.
>>
>> Thanks!
>
>
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