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?
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.
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
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.
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.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
