Let me show you how to track loans in QuickBooks Desktop, Prime Florida.
The first thing we need to do is set up an account to track the loan and its repayment. Please follow these steps:
- Select Chart of Accounts from the Lists menu.
- From the Account drop-down, choose New.
- Choose an asset and enter the account details.
- Select Save & Close.
Then, we'll have to issue a check for the loan. Select the account used to fund the loan and the account you use to track it.
Also, QuickBooks Desktop does not calculate interest automatically. You can create a service item to track it using an Interest Income account.
For the payments, we can issue an invoice and add the interest item on the second line. Once your client pays you, let's record an invoice payment. You can also set up a recurring invoice for your customer for monthly payments.
Post again here if you need anything else. We'll respond as soon as we can.
