Profit and Loss Issues - Startup Loan

[Parker1090]

Hi Pete,

I can’t see your account so I don’t know exactly what’s going on, but can you confirm you’ve set up the loan as per this guide please?

Accounting for loans

In accounting a loan is treated much like an overdrawn bank account. On the assumption that you are just setting up QuickFile and have a loan of £10,000 (outstanding), you would create a new “Loan” type bank account in Quick File to represent this. [image] Set the opening balance of £10,000 (minus). [image] If this is a brand new loan you don’t need to set the opening balance, instead locate the deposit for the loan on your current account and tag this as a bank transfer to the loan account…