QB Issue Resolution:

In double entry accounting which is what QB is, you have to (in any corporation) loan the money to the company before you can enter the expense.

 

set up a liability account due to [name]

use a zero dollar expense
line one the expense account and the amount

line two the liability account and the same amount as a negative number

save

 

You have pay the liability back, as far as I know there is no real time limit.  You can pay off the liability from distributions if you want after your shareholder meeting that approves the distribution.

Resolution for Issue 'Hello, I’m the sole shareholder of a corporation, taxed as S corp. In the year 2019, I paid a total of $8,500 business expenses out of my own pocket. But I don’t want to reimburse myself anytime sooner. For tax filing purposes, should I create a “shareholder’s loan” or “shareholder’s line of credit” type of current liability account? What is the best name and bookkeeping method to handle corporate expenses paid by shareholders? Are there any dollar amount restrictions or payback date restrictions of this type of account? Thank you.' available: Yes (Solved).
Source: Intuit Community forum.

Hello, I’m the sole shareholder of a corporation, taxed as S corp. In the year 2019, I paid a total of $8,500 business expenses out of my own pocket. But I don’t want to reimburse myself anytime sooner. For tax filing purposes, should I create a “shareholder’s loan” or “shareholder’s line of credit” type of current liability account? What is the best name and bookkeeping method to handle corporate expenses paid by shareholders? Are there any dollar amount restrictions or payback date restrictions of this type of account? Thank you.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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