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Hi rossintheair-gma This kind of advice that you wish to obtain is professional advice, as we're not accountants we'd be grateful if you can reach out to a professional for further advice. There maybe an accountant that may see this post and be able to assist you.
Welcome to the Community, @rossintheair-gma. Thank you for choosing QuickBooks Online as your business startup partner.
I’m happy to walk you through the steps of how you can set up a loan to give your business a start.
When purchasing new assets, you’ll need to first set up a liability account.
Let me guide you on how:
From there, you’ll need to create a Journal Entry to apply the load to the proper asset accounts. Here’s how:
It would be best to consult your accountant to further guide you on this. This process can get tricky, and they know how to handle the next steps.
Once everything is all set, you have now set up a loan for an asset that’ll be used for your business.
For more details about recording loans in QBO, feel free to visit this article: Set up a loan in QuickBooks Online.
Additionally, I’ll be adding these articles here that may come in handy in setting up your loans:
Keep me posted if you still have questions or concerns about loans in QBO. I'll be around for you. Have a great day!
Hi there
Thank you for responding, I have a couple of questions
I am just about to become VAT registered, is it beneficial to wait until that is finalised? Or doesn't matter? I have heard that it is common to charge interest. How does that fit into this?
Thanks
Ross
Hi rossintheair-gma This kind of advice that you wish to obtain is professional advice, as we're not accountants we'd be grateful if you can reach out to a professional for further advice. There maybe an accountant that may see this post and be able to assist you.
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