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Video of Quickbooks - How to Record a Loan Payable and Interest Income in Quickbooks course by Mega Niche University channel, video No. 18 free certified online
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Mr. V. says:
I am trying to open a symple business. I have two doughters, I lend them money, they pay me back on a monthly basses with 5% interest on the unpaid balance. I need help setting up the Chart Of Accounts for these transactions. I opened a new checking account just for this function.
Answer:
(Equity) Loans Payable -- Daughter 1
(Equity) Loans Payable -- Daughter 2
(Income) Interest Income -- Daughter 1
(Income) Interest Income -- Daughter 2
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Article Source: Learn Quickbooks