[Nascrldy8]

My boss has taken person loans from the company that he has paid back, how do I post these loans

[pready]

Has your Boss signed a Note?

If no then you Debit Accounts Reveivable for the Amount due and Credit Cash for the amount received.

If yes then you Debit Notes Reveivable for the amount due and Credit Cash for the amount received.

In both cases the amount due equals amount received.

When account is paid you Debit Cash for amount received and Credit the Receivable Account for the amount due.

If there is interest involved then you Credit Interest Revenue for the difference from Cash received Less Notes Reveivable amount due.

[pready]

If the boss is the owner to the company as in a sole owner or in a partnership then it is not considered a loan.

It is considered a withdrawal by owner and is recorded as follows:

Debit the Owners Drawing Account (Contra Owners Equity Account) and Credit Cash for the amount of the withdrawal.