how to track a personal loan to my business as I pay for business expenses during the lockdown

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I have needed to use personal funds to pay for business expenses (as a loan to my single member LLC) over the last several months and I cannot for the life of me get the accounting to work

let me start by saying that I have 2 separate Quicken files: 1 for business and 1 for personal expenses. I also have separate checking accounts and separate credit cards.

For some crazy reasons which I will not go into today I have needed to mix some of these the last 3 months, so I have business expenses on my personal card. This was not supposed to happen when I opened my business this year but suffice to say it did. (Thanks, CitiBank for forcing this on me). [ok, so I went into a little bit, but my Citibank card is now cut up in tiny pieces and mailed back to Citibank as I cannot deal with the stress they imposed]

in my personal quicken file, I created a loan [Business Loan] to keep track of the personal money I have needed to front to the business

short of doing a manual adjustment to the [Business Loan], which I think I am now going to do each time I need to write a personal check to the credit card company, as I have spent close to 5 hours working on this, I am at a loss

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    IN your personal QDF, how do you show the asset that's the LLC?
    Because those loan payments and card expenses sound, to me, like contributions to the LLC rather than "personal expenses"
    ALSO, does the LLC file it's own tax return ... or is it included on your IRS 1040?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • GADoc3650
    GADoc3650 Member
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    IN your personal QDF, how do you show the asset that's the LLC? --###-- I don't. The personal quicken file has nothing to do with the LLC UNTIL 1) i needed pay with a personal credit card and 2) needed to front money to the LLC due to lack of income (meaning i needed to pay expenses out of personal savings)

    Because those loan payments and card expenses sound, to me, like contributions to the LLC rather than "personal expenses" --###-- yeah.... I guess. They are. But the point is what? I am trying to do the bookkeeping in a simple and complete way is all

    ALSO, does the LLC file it's own tax return ... or is it included on your IRS 1040? --###-- it will be a pass-through, and eventually an S corp. I just manage the bookkeeping details and hand it to my accountant to do. But how does this matter? I am just trying to manage the bookkeeping
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