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S Hartland
Level 2

Bank Loan recording on QB On-Line?

Hi

Recently took a Natwest bank loan for a new van (Natwest is the business bank as well). They have created a new account with the loan amount as a negative and transferred the full loan amount into the current account, where it has been used for said van purchase.

 

So I've searched how to record this, I'm a bit of a numbty with regards this and getting confused, I see replys saying record in Cahrt of Account "Long Term Liabilities" but that option isn't there?

 

Then I need to record the repayments

Solved
Best answer July 06, 2022

Accepted Solutions
emmamiller6
Moderator

Bank Loan recording on QB On-Line?

Hello  S Hartland and our Community users:waving_hand:, To create the chart of account for the bank loan you can go to book keeping on the left had side menu or the settings cog in the top right >Chart of accounts> new> Account type> current liabilities>Detail type> Current liability or if a loan is going to be paid off over longer than 12 months select Account type>Non current liabilities> Detail type>Other Non current liabilities.

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4 REPLIES 4
Becky29
QuickBooks Team

Bank Loan recording on QB On-Line?

Hi 

If the option is not there for a long Term Liability account you will need to create the account.To create an account please see link. Any issues please let us know. Thanks 

S Hartland
Level 2

Bank Loan recording on QB On-Line?

Hi

 

This is my problem, I followed your link, which is the same procedure I've seen before, but when I do the following

  1. On the right, click New.
  2. Select either Other Current Liabilities or Long-term Liabilities.

1. On the right, click NEW

2. Select either OTHER CURRENT LIABILITIES 

Neither of these are there????

John C
QuickBooks Team

Bank Loan recording on QB On-Line?

Hi S Hartland

 

It could be a browser related issue, what browser are you using? It could be the type of user you are on the account, what type of user, regular, admin or master admin? We would be grateful if you can provide us with a screen shot of when you select new and then the drop down menu in the account type field.

emmamiller6
Moderator

Bank Loan recording on QB On-Line?

Hello  S Hartland and our Community users:waving_hand:, To create the chart of account for the bank loan you can go to book keeping on the left had side menu or the settings cog in the top right >Chart of accounts> new> Account type> current liabilities>Detail type> Current liability or if a loan is going to be paid off over longer than 12 months select Account type>Non current liabilities> Detail type>Other Non current liabilities.

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