Hello,
I have a Loan recorded as "Loan Payable" through a Journal Entry. However, when I am reconciling the bank account, the deposits that came in for this loan are showing up as needing to be reconciled. Do I need to also record the deposit in QuickBooks? If not, is the Loan Payable automatically increasing my cash or how does this reflect? Do I do anything with the reconciling item from the bank, do i exclude it?
Additionally, a part of our loan was considered due to payments made on our behalf through a Credit Card. Should I record those payments to the vendors as well and record the CC it came from? Otherwise, how would I record the amount that was given to us through a loan for a specific vendor?
