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

TBST

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

Sam_R

Hi @TBST,

 

Welcome to the Community Forum!

 

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

 

• Wage advances and employee loans

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.