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How to enter loan payment in quickbooks

Loan Payment for a business is kind of expenditure, So it is important to keep the Loan payment account separate from the other accounts. Thus, The Following article will guide you to enter loan payment in quickbooks. For instant assistance in case you puzzled call at 844-888-4666.<br>

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How to enter loan payment in quickbooks

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  1. WELCOME TO ACCOUNTING HELPLINE

  2. Answer to How to Enter a Loan Payment in QuickBooks Online As a startup or an established business, once in a while, it becomes essential for them to get a loan either from banks or other financial institutions. Irrespective of the amount of loan, the record for the loan is not be maintained in your books. When your company borrows money, you should record the loan as a liability in your accounts and track each loan payment that you make to reduce the liability. Create a loan account to track the loan and enter the transaction that grants the loan. In this blog, we help the QB users on how you can enter a loan payment in QuickBooks Online.

  3. Before you enter payment for a loan in QuickBooks, set up a liability account • From Settings, click on Chart of Accounts. • Click on New and choose Long Term Liabilities from Account Type drop-down. • Select Notes payable in the Detail Type drop-down. • Give the account name. • Enter the loan amount in Negative in the Amount Field. • Hit on Save and then click on Close.

  4. Record Loan Payments in QuickBooks • Given below are the steps using which you can record loan payments in QuickBooks. • First, click on + New button and hit on Check. • Add the check number if you have to send an actual check. If you use direct withdrawal of EFT, enter Debit or EF in the Check # field. • In the Category Details section, fill in the following details

  5. First line: Liability account for the loan and the amount of payment. • Second Line: Expense account for the interest and the amount. • Succeeding lines: Any additional fees along with the appropriate accounts. • Hit on Save and Close. Create Expense Enter a Loan Payment in QuickBooks Online Click on Create icon and choose Expense. Enter the name of business who gave you loan into the Payee field.

  6. Choose the Bank account holding the loan you'll use to make payments from the Payment Account drop-down. • Fill the payment date and then select the Payment method. • In Ref no. Enter the identifying number from payment receipt. • Finally, to record a payment in QuickBooks. • In first line, select the account you used to track the loan from category drop-down. • Enter the total loan payment in the Amount field.

  7. The steps above though simple are very crucial and if you are still unsure about enter loan payment in quickbooks,dial (844) 888-4666.

  8. CONTACT US :- ACCOUNTING HELPLINE 600 E Hwy 80 Suite 1 Terrell TX 75160 Email: info@accountinghelpline.com Phone: (844-888)-4666

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