How to Enter a Loan in Quickbooks

How to Enter a Loan in Quickbooks @+1-855-861-4161

Quickbooks customer care:Some businesses sporadically need to obtain cash to finance capital ventures, for example, new premises, hardware or item innovative work. At the point when your organization obtains cash, you should record the advance as an obligation in your records and track each credit installment that you make to lessen the risk. With QuickBooks business bookkeeping programming you can set up an obligation represent a here and now or long haul advance to record and track the advance store sum and all credit reimbursements.

Create a Liability Loan Account
1. Launch QuickBooks. Click the "Lists" tab in the top menu and then click "Chart of Accounts" in the context menu.

2. Click the "Account" button below the list of accounts. Select "New" from the pull-down menu.

3. Select "Company," "Lists" and then "Chart of Accounts."

4. Right-click on any location on the list and then select "New" from the context menu. Select "Other" from the accounts list and then lick the down-arrow button to expand the list of available account types.

5. Click "Other Current Liability" for short-term loans repayable over one year or less or select "Long-term liability" for loans repayable over a longer period. Click the "Continue" button.

6. Enter a name and reference number for the accounts in the applicable fields. Leave the balance at zero.

7. Click the "Save and Close" button.

Deposit the Loan Amount
1. Click "Banking" in the main menu and then select "Make Deposits" in the context menu. If the Payments to Deposit window opens, click the "Cancel" button to close the window.

2. Select the deposit account for the loan in the Make Deposits window.

3. Enter the name of the liability account you created to track the loan in the field in the "From Account" column.

4. Type the loan amount in the field in the "Amount" column.

5. Click the "Save" button.

Recording Loan Payments
1. Click "Banking" in the main menu and then select "Write Checks" in the context menu.

2. Enter the payee name and repayment amount in the applicable fields in the Write Checks window.

3. Assign the interest element of the loan repayment to your preferred expense account in the detail area of the Write Checks window. Assign the rest of the payment, also known as the principal, to the liability account you created to track the loan.

4. Click the "Edit" button and then select the "Memorize Check" option if you want QuickBooks to enter this payment automatically at regular intervals and issue a payment reminder.

5. Click the "Save and Close" button to save the transaction and exit the window.

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