QB Issue Resolution:
It is important to understand a few things:
This is specifically covered in the IRS rules. You have to charge Interest and you should have an actual loan document.
The Balance as of your Transition date is an Other Asset account for you and is part of your Equity, not part of your Banking unless you wrote them that check in the period that you are now entering into QB as check details. Otherwise, that is part of Trial Balance data that you are putting into this file to be fully transitioned to QB.
Any payments made would be split to Principal and interest per the % amortization, as well.
Resolution for Issue 'Last year our company loaned 30k to an officer. I have started to use QB for bookkeeping since May 2016. So how should I add this accounts receivable in my QB?' available: Yes (Solved).
Source: Intuit Community forum.
Last year our company loaned 30k to an officer. I have started to use QB for bookkeeping since May 2016. So how should I add this accounts receivable in my QB?: 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.Support for asset account
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Error Recovery for asset account [Canada]
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