How to Set up a Loan in QuickBooks Desktop and Online

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Lets start article to know How to Set up a Loan in QuickBooks Desktop and Online

 

How to Set up a Loan in QuickBooks

  • Login to your QuickBooks accounts and navigate to the chart of accounts (COA) tab.
  • Now from the Accounts tab choose New.
  • Here Navigate like: Company Lists COA.
  • Right-click on some empty location. A dialogue box will appear, choose New.
  • From the dialogue box that appears, click on the “others” tab and click the drop-down arrow to see more account types.
  • Now click one of the 2 options whether the loan is Current Liability (Short term) or long-term Liability (which will take years to repay).
  • Once selected click on the continue tab.
  • Enter the name and other details. And if it asks for the amount then leave it to “0”.
  • Click close when done.
  • Now create a Deposit
  • Now under the main menu tab, navigate like Banking Make deposits.
  • Choose the deposit account.
  • From the tab called “From account”, fill in the name of the account you have created to track the loan.
  • Now type the loan amount under the amounts tab and click save.
  • Congrats you have successfully set up a loan in QuickBooks.
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