Entering Loan in S-Corp

[GS1]

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.

[IRonMaN · Accepted solution]

Note payable.

No

No

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

[GS1]

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

[GS1]

IRonManN,

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

[IRonMaN]

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.