Set Up Loan In QuickBooks


Whether you are using QuickBooks or any other accounting software to track your loan payments, there is no need to worry because of the help of sub-steps and steps. Plus, you can record your payments on either a desktop or online platform (whichever version you are using). You can also manage the loan on either platform as well as perform analysis and other activities.

Set Up Loan In QuickBooks play a major role whenever any organization needs to borrow some funds for doing future investments. This process needs to record the entire details about the loan as a liability to perform tracking. QuickBooks let’s set up that liability account for the short & long term as well. This topic will discuss concepts about loans, liability account & many mandatory elements related to it.

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How To Set Up A Loan In QuickBooks

Create a Liability Account:

Here is the accurate step-by-step guidance to set up a liability account:

  • Discover New to begin a new account setup
  • Search for Account Type listed in the drop-down button and click Non-current Liabilities
  • Locate Detail type appeared on the dropdown and select Loan Payable
  • Give a desirable name
  • Glance for Balance field, input the amount & pick the suitable date you wish to initiate tracking
  • Fill up total loan amount in the field named Amount
  • Come up on save option & hit close.

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    Carry out Bank Transaction

    • Determine the +New icon and subsequently click on the Cheque option
    • In Bank account, enter the account that you want to fund
    • After proceeding, discover the account that you monitor the loan repayments
    • Verify it and hit on Save & Close.

    How To Record The Loan Payments QuickBooks ?

    • Find out +New icon & choose the Bank deposits tab
    • Identify deposit To box, find out the suitable account connected with the loan
    • Now, the succeeding step is to write essential details appearing on the box under the New Deposit box. The presenting fields:

    You can also get in touch with QuickBooks USA Support team in case bank connection not working .

    • Account: Compose the name of the customer correlated with the amount
    • Received From: Note down the customer or company name attached to the loan
    • Memo: Embed a broad description of a loan
    • Payment method: Finalities the mode of payment mode connected with a loan payment
    • Ref No: Write down the Cheque number
    • Class: Insert facts & figures required for class tracking
    • Fill the amount of interest owed on the loan
    • Monitor the entire wrote information once again and click on the Save button.

    What are the Steps to Close an Open Invoice in QuickBooks Through a Loan?

    To perform this one another current asset account like receivable for the loan funds to be paid in the current year. However, for future payments, you can setup a non-current Assert account.

    How to Create a Loan Account QuickBooks?

    Here the instructions:

    • Discover the Gear icon positioned on the upper side of the screen
    • Now, the next step is to click on the Chart of Accounts
    • Afterward, select the Next button and hit on current Assets tab
    • Search out details type, then click on loan to others and after that select Next tab
    • Provide an appropriate name
    • Hit on Save button

    How Do You Enter The Opening Balance In QuickBooks Online?

    Below-mentioned is the steps to perform this task:

    • Discover the +New icon and search for the journal entry tab
    • Select the ‘account’ field and note down the loan holder name & total amount in an appearing box which says Debit
    • Sort out the second number field which says Account and input Account Receivable
    • After this find out the credit field and fill the loan amount & name in the customer button.

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    What are the Things Needed to Create the Monthly Recurring Invoices to Carry-Out Loan Repayment?

    Recurring invoice is used to provide the current status of the loan repayments. To perform this, there is a need for three elements i.e. product item, creating recurring invoices, and entering loan payments. Let’s learn how to create all these one by one:

    Product item:

    Here is the list of steps:

    • To begin the process of creating a product item you need to navigate a gear
    • Afterword find out the products & services option
    • Select New and then hit on Non-inventory
    • Write Loan Repayment in the appearing field
    • Discover listed items in the drop-down menu named account and click on Customer loan A/R.

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    Recurring invoice:

    Below-written are the instructions to create a recurring invoice:

    • From gear icon select recurring transaction
    • The succeeding step is to discover new and hit on an invoice on the appeared dialog box
    • Fill the required details like the customer name & then hit product & services button
    • Identify Account field and fill their due amount
    • Select Edit schedule & afterward hit on intervals, pick the beginning & end date
    • Save this template through the save button.

    Entering a loan payment:

    To perform this, follow the written steps:

    • Discover the +New button & then select Receive Payment.
    • Hit on Deposit To appearing field, there pick up the Un-deposited Funds and Save it

    Help Setting Up Loan Issues QB Pro, Premier, Enterprise

    MyOnePro will helps the small business with QuickBooks 24/7 Support Number not only for issues and error but also for setting up QB software , like Auto Loan , vechile loan , employee loan , home loan , car loan etc .Hopefully, this MyOnePro provided you the core concepts of how to set up a loan in QuickBooks. Meanwhile, if you feel any query about QuickBooks & other functional errors. Reach the expertise team at toll-free MyOnePro You can also reach via email or live chat for an instant resolution.


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