Community Forum Portal/Portail du forum communautaire
Add a new Question Subscribe
Status Answered
Categories AgExpert Accounting AgExpert Analyst
Created by AgExpert Support
Created on Mar 17, 2016

RELATED QUESTIONS

Disqus Agexpert Accounting Questions Archive

We have recently incorporated with our 2 sons and I am a new user of ag expert. I am wondering if someone could help with some posting. I have to set up our operating loan which is fine but now we need to use some of that to payout operating loans on our other accounts. So when we take this out of our company account do we offset it to personal draw or any suggestions.
I REALLY APPRECIATE ant help.

  • ADMIN RESPONSE
    Feb 10, 2025

    Hey Bernard. In a corporation your offsetting account is L-, Shareholder Loans. Did you set up the operating loan as a credit card or a loan account? If you set it up as a credit card, then just enter a withdrawal offset by an L- line to Shareholder Loans. If it is set up as a Loan account then your easiest posting will be a General Journal entry. Credit the Operating Loan and debit Shareholder loans.

  • Attach files