This topic contains 1 reply, has 2 voices, and was last updated by 
Crystalynn Shelton 4 months, 4 weeks ago.
E 4 months, 4 weeks agoHow to track S-Corp loans paid out of personal Bank account?
I have a S-Corp and a Rental property, my issue is I have been paying my s-corp loans out of my rental property bank account over the last year. I was tracking it by using different classes in my QuickBooks. But know my balance sheet is out of balance. How should I have been tracking it ?
1 ReplyHi E,
If your S Corp and Rental property business are two different businesses (which it sounds like they are), you need to set up separate bank accounts for each business so that you can track your loan payments for the S Corp in the S Corp bank account. Classes works great to help separate income and expenses for multiple departments or locations but when you are managing two different businesses they should each have their own QuickBooks company file and bank accounts.
Best-
Crystalynn Shelton, CPA1 Reply
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
