Business Loan HELP!

Kathy kathyo at centurytel.net
Thu Jun 23 17:09:55 EDT 2005


Hi,
We just got a loan for our small business.   I set it up as a liability 
account, with a transfer of funds to my checking account so I can write 
checks on the account balance.   How do I properly enter the information in 
the  liability account so that these expenses will show up in the proper 
categories for tax purposes.  I tried, for example, $800
 for building repairs,  but it doesn't show up at all in the tax report.  When 
I deduct it from the checking account it will enter it in the proper places 
for tax purposes, but i can't seem to figure out how to keep track of it in 
liabilities.
Please help I am no accounting genius by any means!  What am I doing wrong and 
what to I need to do to keep track of all of this right.
Thanks & Best Regards,
Kathy


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