QuickBooks Set up Loan
QuickBooks has proven its worth in the accounting work and has become one of the best accounting software especially for small and medium sized businesses. Sometimes you might get into the need of money urgently to grow your business. The amount that you’ve borrowed will be recorder as a loan or liability in your account and you will need to keep an eye on the loan payment to figure out the reduction of liability after each payment. QuickBooks also provides the facility to have a liability account.
Steps To Set up Loan In QuickBooks Desktop
- Add a loan amount
- From the main menu, click on List
- Select the Chart of accounts option from the drop down list
- Click on Account and then select New
- Click on Company list and then Charts of accounts
- Right click on it and then tab on
- Now from the drop-down list, click on Other option
- Export the account type list
- To select Term, select Other Current Liability and then click on Continue
- Type in the required information and leave the account balance at zero.
- Click on Save and then close.
- Deposit loan account
- Go to the Banking menu and then click on Make deposits from the drop-down list.
- Click on deposit account
- To track the loan, enter the liability account name in From account
- Enter the loan amount
- Click on Save
- Recording loan payment
- Provide the Payee name & repayment amount
- In the write checks window, enter the interest element of the loan repayment.
- Insert the principle associated with the loan
- Head to the Edit tab and then select Memorize check
- Save and close
Help For Loan Account Setup In QuickBooks
With QuickBooks, applying and getting loan is not a huge task. You can easily get loan whenever you are in need of money to grow your business. QuickBooks allows you to manage your loans easily. If you are having any issue while setting up loan in QuickBooks then you can get in touch with us at our QuickBooks Support Phone Number +1888-567-1159.