Hi, I am the business owner/bookkeeper, and this is a little above my experience level. I believe I understand the concepts here, as you've referenced the info that the payments will not be counted as income, and the interest can be deducted. But how do I execute...in the simplest possible terms? When you say Debit loan, etc., I expect you mean in a JE. But how exactly do I do this part: Post a capital contribution to the owners/shareholders to increase basis? Credit equity.
Could you give instructions "for dummies," as it were?
