Notes Payable

Forum|Forum|4 years ago
October 19, 2021
1 reply
2 views

hi there,

I have an outstanding notes payable that is already recorded in the chart of accounts. We paid the notes payable via wire and I'm wondering how to record that wire transaction so that it debits the notes payable?

Non-Product Specific

JessT

Moderator

Hi smm9bv,

Welcome and thank you for posting about your notes payable. I'm happy to share information about recording your payment.

You can record your wire transfer payment as a check. Just put WT in the check number field to indicate that it was processed via wire transfer.

By the way, you haven't specified the product you use, so I'll share the articles for QB Online and QB Desktop. Then, you can click the one that is applicable to you. Both of them have details about recording loan/notes payable repayments.

If you need more help, feel free to go back to this thread. Have a good day!

smm9bvAuthor

Thanks, JessT. So if we've already repaid the notes payable, what would I do instead of step 3?

MirriamM

QuickBooks Team

Hello again, @smm9bv.

Since you've already repaid the notes payable, this time, you'll need to link the payment so that it will show you've paid. To do so, I recommend checking the recorded payment and ensuring that the liability account for the notes payable is selected.

You can see Step 3 on this article for a guide: Set up a loan in QuickBooks Online.

For future help, I'm also attaching this link that you can read for guidance in reconciling your accounts: Reconcile an account in QuickBooks Online. This helps you ensure your accounts are well accounted for.

Feel free to add a comment if you have additional questions. I'm here to answer them for you. Wishing you and your business continued success.

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