From the QuickBooks Lists menu, choose Chart of Accounts. Right-click anywhere and click New. Create a loan account.
People also ask
How do I enter a loan in QuickBooks Online?
Select Journal entry. On the first line, select the liability account you just created from the Account dropdown. Enter the loan amount in the Credits column. On the second line, select the appropriate bank account from the Account dropdown. Enter the same loan amount in the Debits column. This puts the entire loan amount into your bank account.
How do I pay off a loan in QuickBooks?
Here’s how: In your QuickBooks Desktop, go to the Banking menu and select Write Checks. Select the bank account where you want to pay the loan. In the Expenses tab, select an expense account from the drop-down. Enter the amount of the payment.
How can QuickBooks help you manage your loans?
With QuickBooks as your accounting application, you can swiftly set up a liability account for both short-term and long-term loans. This, in turn, helps to record and make track of the loan deposit amount and all loan repayments.
Can I write a check for a loan in QuickBooks?
You can simply write a check for your loan payment and associate it with an expense account. This way, the transaction will show on your Profit and Loss report. However, this won’t track the payables of the loan, only the payment. Here’s how: In your QuickBooks Desktop, go to the Banking menu and select Write Checks.