If you’ve got a loan currently and would like to set up a QuickBooks loan, then this post is for you. QuickBooks Online helps you to set up a liability account to track the whole loan details as a liability and to track payments. In QuickBooks, you can set up a short term and long term liability account. In this article, we will address how to set up a loan in easy steps in QuickBooks Online.
If you are wondering how to enter a loan in QuickBooks, dial our customer care number for QuickBooks and contact our experts in QuickBooks for urgent technical assistance.
How do I use QuickBooks to set up a loan?
If you want to set up a loan in QuickBooks in an error-free way, you can help achieve the goal by following the steps below:
Move 1: Configure a liability account
- You have to set up a liability account to document the loan before you set up the loan in QuickBooks. Follow the measures listed below:
- Go to the Settings tab and pick the Account map.
- Then, to build a new account, you must pick New.
- After that, pick Non-Current Liabilities from the Account Form drop-down menu.
- Instead, you must pick Current Liabilities if you intend to settle the loan before the end of the current financial year.
- Pick Notes Payable from the Information Form dropdown.
- Afterwards, give the account an apt name that represents the reason behind the loan.
- Choose your time to track your finances. Enter the amount in the Unpaid Balance area and decide the date. If you want the monitoring to start immediately, enter the date of today.
- Choose Save and close.
Phase 2: The Loan Money Record
This is the next move when you set up the loan in QuickBooks that you’ll need to follow. You can enter all at once into the loan money or partial payments you will make:
- Select + New, then select Journal Entry again.
- Then, from the Account dropdown, pick the liability account you just built.
- After that, in the Credits column, you need to enter the loan number.
- Pick an acceptable asset account from the Account drop-down on the second side. In the Debits section, enter the same loan number.
Phase 3: A Loan Payment Record
This is the last step in setting up QuickBooks Online for a loan. Follow the instructions mentioned below:
- Select + New and then select Cheque again.
- If you have made the payment using an actual cheque, add the cheque number.
- If you use direct EFT withdrawal, in the Cheque # sector, enter Debit or EF.
- You can now have the following information in the Category Details section:
- You have to include information on the liability account for the loan and the amount of payment in the very first line.
- In the second row, you have to include the interest and sum details on the expense account.
- If, along with the required accounts, there have been any additional fees, enter them in the extra row.
- To complete the job, select Save and Close.
There are many ways to record a loan in the QuickBooks Desktop. The steps addressed in this post address your question. If you need help setting up a loan manager for QuickBooks, feel free to dial our Quickbooks Customer Care Number. In addition to getting assistance, you can search our website for more QuickBooks-related stuff by sending us an email (email@example.com) at any time and from almost anywhere in the world. In no time, you can get specific help and set up a loan in QuickBooks Online fail-safe. In addition, on our website, you can search for more QuickBooks related data at www.quickbooksupport.net.