Loan from family member

[Richard Shapiro]

Hello everybody. Thank you for your help with my practice using quickbooks.
Question here is the following; : My clients mother has lent him 30
thousand dollars
She has wired 30k bank account. My client will wire the 30 thousand
to a company that he is aquiring . He is in the news publishing
business and this is another news publishing business he is aquiring.
How do I record this in quickbooks?
Regards
Richard shapiro

 

[Beverly]

Hello everybody. Thank you for your help with my practice using quickbooks.
Question here is the following; : My clients mother has lent him 30
thousand dollars
She has wired 30k bank account. My client will wire the 30 thousand
to a company that he is aquiring . He is in the news publishing
business and this is another news publishing business he is aquiring.
How do I record this in quickbooks?
Regards
Richard shapiro

As two separate transactions. You'd set up the loan and receipt of
cash as a debit to cash and a credit to loans payable. You'd then
acquire the the company with a credit to cash for the amount of the
payment and any other necessary debits and credits dependiing on the
structure of the purchase..