How to Set Up a Loan in QuickBooks Online

Question

For setting up the loan in QuickBooks Online, you need to first set up the liability account for recording the loan and its payments. See the steps to set up the liability account:

• Go to Settings > Chart of Accounts > New
• Choose Non-Current Liabilities, if you are planning to pay the loan by the end of the financial year otherwise select Current Liabilities from the dropdown list of ‘Account Type.’
• Select Notes Payable option from ‘Detail Type’ dropdown.
• Give that account a relevant name so that you can know what the loan is about.
• Then choose from when you want to start tracking your finances and enter the amount in the Balance field and enter the as of date.
• Save and close it.

You can get help from experts by dialing QuickBooks Technical Support Phone Number available at all 24 hours.

Read more: - How to Set Up a Loan in QuickBooks Online

Answer 1

First, you need to create and set up a liability account so you can record the loan. Here’s how.

Go to Settings ⚙, then select Chart of Accounts.
Select New to create a new account.
From the Account Type dropdown, select Long-Term Liabilities. Note: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
From the Detail Type dropdown, select Notes Payable.
Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."
Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as-of-date. Enter today's date if you want to start tracking immediately.
Select Save and Close.

Regards,
Peter