GS1
Level 2
‎01-29-2025 04:04 PM

A customer gives my client (with S-Corp filing) a check of $300,000 for a construction project and a promissory note of $100,000 as a loan. Total check of $400,000 was deposited in the S-Corp
How to enter this loan accurately.


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IRonMaN
Level 15
‎01-29-2025 04:12 PM

Note payable.

No

No

Unless there is more to the story than you are sharing.


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GS1
Level 2
‎01-29-2025 04:29 PM

Thanks IRonManN,

No, nothing more to the story.
It's a new S-Corp. And like you, "note payable" what I told the client.

Thanks

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GS1
Level 2
‎01-29-2025 05:16 PM

IRonManN,

If income is less than 250,000 still, I have to complete the Balance Sheet...I cannot suppress it, correct?

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IRonMaN
Level 15
‎01-29-2025 07:04 PM

If total receipts and assets are both less than 250,000 you don't need to complete the balance sheet ------------ personally, I always complete the balance no matter whether or not it is required.


Slava Ukraini!
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