You can click the “Cancel” button if it opens.
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In the following discussion, you will learn how to set up a loan in QuickBooks for cash as well as non-cash loans.
This can be done in two different ways Cash Loans and Non-Cash Loans. When you are successfully done setting up the liability account for your loan, you can now start recording the loan amount. Once done, add the account name for your interest payment or charges and fees.Then, click right anywhere on your screen and choose the “New” button.Now, select the “Chart of Accounts” option.To set up the expense account in QuickBooks Desktop, you can perform the following steps: Press the “OK” button to complete the supplier setup.Įxpense accounts can also be created so you can track fees, interest payments, and other charges.(This step is optional and hence, can be skipped). Thereafter, you can add other details for the supplier such as email address and phone number.After that, you can add the name of a company or the bank you want to pay for a loan.Then, choose the “Supplier Centre” option.Follow these steps to set up the new supplier in QuickBooks Desktop: By creating a new supplier for the company and bank, you can pay for your loans. Once you are done creating the liability account, you can continue setting up the supplier. At this point, you can add the number and name to your account.After this, you can press the “Continue” button.Long Term Liability: When you want to set up a loan for the long term over a long long period, this account type can be selected.Other Current Liability: You can use this account type when you are planning for a short-term loan payable only within over one year.You will find the following options for account types: Now, choose the “Other Account Types” option and click on the correct type of account for your loan.Here, you can click right anywhere on the screen and select the “New” button.Then, switch to the “Chart of Accounts” option.To set up the liability account, you can perform the following steps in QuickBooks Desktop: Step 1: Set Up the Liability Accountįor setting up a loan in QuickBooks Desktop, one has to start with creating a liability account. Read carefully and learn how to set up a loan in QuickBooks. For your better understanding, we will explain each method with detailed instructions. Besides that, users should create a Supplier and Expense account.Īfter this, you can start recording the loan amount for cash or non-cash loan and enter the loan payments. Hence, creating a liability account is important if you are planning to set up the loan in QuickBooks Desktop. QuickBooks helps you to record the payments and track the loan amount so you can stay updated. How to Set Up a Business Loan in QuickBooks Desktop?Ĭash and non-cash loans such as office equipment and vehicles are liabilities for a company. Step 2: Record the Amount You Received from a Loan.How Do I Set Up a Loan in QuickBooks Online?.How to Set Up a Business Loan in QuickBooks Desktop?.
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