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How to Record Bank Deposits in QuickBooks Online

How should I label a deposit that is from a loan and not products sold 

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How to Record Bank Deposits in QuickBooks Online

There are a few things we'll want to prepare before we can record a loan, Ccvapors18.

 

First, we'll create a liability account to track the loan payable. Let me show you how:

  1. Click the Gear icon in the upper-right corner and select Chart of Accounts.
  2. Click the New button and select a liability account in the Account Type field:
    Other Current Liabilities - if the loan will be paid within the current fiscal year.
    Long Term Liabilities - if the loan will be paid after the current fiscal year.
  3. Select Loan Payable in the Detail Type field. You can also reach out to your accountant to see what detail type suits your business needs.
  4. Enter the account name in the Name field and click Save and Close.

Now, you can start creating a bank deposit for a loan. Here's how:

  1. Click the Create menu at the top (+) and select Bank Deposit.
  2. Select a bank account in the Account field.
  3. Go to the Add funds to this deposit section.
  4. Enter the liability account in the ACCOUNT column.
  5. Enter the loan amount in the AMOUNT column and click Save and close.

Then, you can create a check to record a loan payment. Feel free to follow Step 3 in this article: Record a Loan and Its Payment.

 

I'll be around if you need more help with this.

 

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