I took out a business loan to pay bills for my LLC in 2016. There's no place to record that money in TT so my balance sheet is out of balance. How do I fix this?
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I took out a business loan to pay bills for my LLC in 2016. There's no place to record that money in TT so my balance sheet is out of balance. How do I fix this?

 
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I took out a business loan to pay bills for my LLC in 2016. There's no place to record that money in TT so my balance sheet is out of balance. How do I fix this?

A business loan is not a tax-related event, so it is not reported on the tax return as income or expense.

Recording a business loan is an accounting entry that increases cash (assets) and creates a liability (loan). Both are balance sheet accounts.

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