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Level 2

Need help to set up a long term loan in QBO? I read the instructions: * On the second line, select the appropriate asset account from the Account dropdown.*

The asset account - this loan will be used for whatever we need - payroll, job supplies, etc
What asset account would that be?
2 Comments
Level 15

Need help to set up a long term loan in QBO? I read the instructions: * On the second line, select the appropriate asset account from the Account dropdown.*

In this case the asset account would be the bank account you put the money in

 

I dislike those instructions, I prefer

create the loan liability account, zero balance

make a deposit and use the loan liability account as the source account for the deposit

Level 2

Need help to set up a long term loan in QBO? I read the instructions: * On the second line, select the appropriate asset account from the Account dropdown.*

Thank you Rustler for the reply and help. Is there any chance you could post some screenshots or images to ‘see’ what you are saying about setting this up? Thanks

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