Forum Discussion

TBST's avatar
TBST
Contributing User
2 years ago

How to deduct funds weekly from an employee to repay a loan given from our business

We recently loaned a full time employee $1400 and he has requested that $100 be taken out of his wage every week to repay the loan.

 

Do I need to set up a liability account first then allocate the repayments to the liability account?

 

Thanks in advance

  • Hi TBST,

     

    Welcome to the Community Forum!

     

    I've found a help article that may assist you with your query:

     

    If you had any further queries, please feel free to reach out. 

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

  • Sam_R's avatar
    Sam_R
    Former Staff

    Hi TBST,

     

    Welcome to the Community Forum!

     

    I've found a help article that may assist you with your query:

     

    If you had any further queries, please feel free to reach out. 

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    • TBST's avatar
      TBST
      Contributing User

      Thanks Sam, this worked perfectly