Quickbooks Support

Call on Quickbooks Support Number and Know How to Track Customer Loans in QuickBooks

In this article you will learn how to track customer loans. To know more call on Quickbooks Support Number.

The first step in the process of recording a loan for a customer is to make out the purpose for which the loan is taken:

Option 1: If the loan is taken to close all open invoices

Step 1: To track the loan and its repayment create an account

• Click on the Gear icon present at the top.

• Select Chart of Accounts.

• Select New from the upper left.

• Set the Account Type.

Note:

o If the loan is to be repaid within the current fiscal year create other current asset.

o Create an Other Asset If the loan will be repaid after the current fiscal year create an Other Asset.

• In the Detail Type drop-down choose loans to Others.

• Add a name which can be recognized for eg: “Customer Loan-Lastname”.

• Without entering an opening balance click on save and close.

Step 2: Create a journal entry

The opening balance of the loan will be established by the journal entry and create a credit in Accounts Receivable for that customer. To open invoices you can then apply the credit.

• Click on the Plus icon (+)

• Select Journal Entry.

• Add the customer loan account on the first line in the Account field, and then the loan amount in the debit field.

• Add the Accounts Receivable account on the second line in the Account field, and then the customer’s name in the Name field.

• Click on Save and close.

Option 2: Issue a multi-purpose loan to your customer

Step 1: To track the loan and its repayment create an account

• Click on the Gear icon present at the top.

• Select Chart of Accounts.

• Select New from the upper left.

• Set the Account Type.

Step 2: Issue a check for the loan

• Click on the Plus icon (+) present at the top.

• Select Checks.

• For bank account, select the account which was used to fund the loan (Example: Checking or Money Market) for Bank Account.

• Select the account which was used to track the loan as the off-setting account.

• Enter the amount.

• Click on Save and close.

Step 3: Record customer payments 

1. Click on the Plus icon present at the top.

2. Select Bank Deposits.

3. Ensure that you select the appropriate Deposit to account.

4. Enter the following information in the Add funds to this deposit section:

• Received from: the name of the Customer

• Account: The loan account of the customer

• Memo: Enter a memo which helps record-keeping

• Pmt Method: Choose cash, check etc.

• Ref #: the check number

• Class: If you use Class tracking

• Amount: the amount of the check

Select Save and close.

To know more on how to track customer loans in QuickBooks call on Quickbooks support number. Also, you can write us at support@quickbooksupport.net. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbooksupport.net.

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