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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