Loan Repayment to Shareholder

[Z23]

Hello

Please advise how to record Loan Repayment to shareholder on the Balance Sheet in Proconnect?

Is it ok to reduce cash balance at the end of the year for that amount and enter net amount?Loan Repayment was entered in Shareholder Info and flowed to 7203 where Debt Basis was adjusted accordingly

thank you

[IRonMaN]

"Is it ok to reduce cash balance at the end of the year for that amount and enter net amount?"

Isn't that what happened?  The balance sheet should reflect actual numbers as of the year end date.

[Z23]

correct,it is what happened 

I was just wondering if we manually enter net amount (cash less loan repayment) or software(Proconnect) calculates it after you enter it in shareholder info but it did not unless I am missing something

[IRonMaN]

I don't do ProConnect but if it didn't transfer the loan info, the odds are pretty good that you have to enter it manually.

[Z23]

Thank you for help