Setting up Loan and repayment

Adrian, thank you so much for taking time to respond.  I think I got it now.  Thanks again! 

Please help. I am working with 2021 Pro Plus desktop version.  I am not seeing the Non-current Liability options for account type.   I have OTHER current Liability and Long Term Liability .  We bought a carpet cleaning machine on loan and making monthly payments.  Thank you for your help

I've got your back, @Jnerida.

The steps provided by my colleague above is for the Online version of QuickBooks. Since you're using the Desktop version, you can select the Other Current Liability for short term loans and Long Term Liability for long-term loans. This helps you track the portion of a loan payment. Here's how:

1. Open your QuickBooks Desktop company file.
2. Go to the Lists menu, then select Chart of Accounts.
3. From the Account drop-down, click New.
4. Select Other Account Types, then Other Current Liability or Long Term Liability.
5. Click Continue.
6. Enter the account name, then Save & Close.

Once done, you can now record and track your loans using the liability account you created. For more guidance, feel free to check out this article: Manually track loans in QuickBooks Desktop.

You might also want to track your loan with the help of the Loan Manager in QuickBooks Desktop. This article will guide you through the process: QuickBooks Loan Manager.

Our doors are always open to help you again if you need further assistance tracking loans. Wishing you all the best, @Jnerida.

Hello.  After setting up a liability account would I need to set up a vendor account as well to begin making payments? In the vendor account do I enter the balance of the loan under "additional information"? I did enter the balance of the loan in the liability account too.  

Hi res@finisroadrvp, I'll make sure you'll get the details you need now.

Yes, you're correct. You need to create a vendor profile and use it to make payments. Then, record an expense or check affecting the liability account in QuickBooks Online (QBO).

There's no need to include a balance in the vendor's profile now. The balance will be zeroed out if you complete the instructions outlined above. With that, you'll be in fine shape.

I've collected some articles where you can get more details about managing reports and accounts soon in the program:

• Reporting, general ledger, export reports, budgets, journal entries.
• Manage accounts, users, update profile, password, billing, company.

I'm always here whenever you need assistance. Just let me know by commenting below. Take care and have a good one, res@finisroadrvp.

Great. Thank you

Hey res@finisroadrvp,

You are more than welcome! If you have any questions, don't hesitate to let us know!  We are here to help! 

Quickbooks used to have loans management, but they don't use that anymore. is it is a long term loan for a truck payment. What steps do i used to set it up.

setting up a new business loan in quickbooks

Thank you for following up on this thread, Nnekia0507.

Loan and payment tracking is essential for all businesses. It enables clear financial visibility and aids in running accurate financial statements. Allow me to shed some light on recording loans in QuickBooks. 

QuickBooks Loan Manager will help users calculate interest and payment schedules. However, this feature is only available in the desktop version. Also, it was discontinued in QuickBooks Desktop (QBDT) 2022. Browse through this link for in-depth information: Features discontinued in QuickBooks Desktop 2022 and Enterprise 22.

You can still use Loan Manager in previous, and currently supported versions. If you're using QBDT 2022, manually track the loan in your company file. 

In regard to the specific loan term and category type, I advise consulting with an accountant for further assistance. They can recommend which one to use to ensure the accuracy of your books.

When you have the information handy, let's proceed to setting up the loan. Here's how:

1. Go to the Lists menu at the top and choose Chart of Accounts.
2. Right-click your mouse anywhere and select New.
3. Tick the Other Account Types radio button and choose the right account type for your loan:
         
   • Other Current Liability: Use this for short-term loans payable over one year.
   • Long Term Liability: Use this for long-term loans payable over a longer period.
     
     
4. Click the Continue button to proceed and type the name and number for the account.

1. Tap the Save & Close button.

Next, set up the following information: Vendor (Bank/lending company), expense account, and the loan payment. For detailed instructions, refer to this article: Manually track loans in QuickBooks Desktop. From there, perform Steps 2 up to 4. 

On the other hand, QuickBooks Online (QBO) users have to manually record the loan and payments. This reference covers all the details about the process: Set up a loan in QuickBooks Online.

I've added some resources below that will guide users on how to record loans and payments via the Loan Manager, create accounts in each QuickBooks platform, and handle amortization: 
 

• QuickBooks Loan Manager
• Does QuickBooks Online have an amortization schedule?
• Add, edit, or delete accounts in QuickBooks Desktop
• Add an account to your chart of accounts in QuickBooks Online

Keep in touch if you have additional questions about managing and setting up loans or accounts. I'm always ready to lend a helping hand. I wish your business continued success, Nnekia0507.

Thank you for your assistant. It is greatly appreciated.

Thank you for returning to the Community, Nnekia0507.

I'm glad to hear that the solutions I provided have addressed all your concerns regarding setting up a loan in each QuickBooks platform. This valuable feedback inspires us to continuously work hard and provide the utmost support to our customers, ultimately enhancing their overall working experience.

If you have other questions about the product or need further assistance navigating through QuickBooks, feel free to visit the Community again. I'll get back to make sure everything is taken care of for you. Enjoy the rest of your day, Nnekia0507.