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How to reconcile short-term loan?
Say I provided a short-term cash loan to my company's corporate bank account, and then repaid myself a week later. Given $2000 cash in and $2000 cash out, what is the best way to explain these transactions in FreeAgent?
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Inappropriate?Bryan,
You can just explain the $2,000 cash in as 'Money Received from User > Capital Introduced' and the $2,000 out as 'Money Paid to User > Drawings'
They're two sides of the same coin - as it were - as far as the accounting is concerned, assuming you have a sole proprietorship-type business. Even if you don't, your accountant should be able to understand what's going on.
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