Hi, We have a new company where the owner purchased inventory for the corporation and wants to be reimbursed later. The accountant would like us to create a "Shareholders Loan" account to show the company owes the money and the ending inventory values are correct. It is a cash basis company. How do I enter purchases like this? It isn't a 'bill' because it won't come out of cash/checking account right now. If I enter it in a Gen Jrnl entry, it doesn't give me a quantity field for inventory. Thanks in advance for your help. Also, I'm not sure what category or subcategory this should be under. I apologize. This is the first time I've posted.
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