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I received a loan from a creditor or operating income. The repayment of the loan is daily. How do I set that up in QB. Example. got 10K cash, 100 daily repayment?

 
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I received a loan from a creditor or operating income. The repayment of the loan is daily. How do I set that up in QB. Example. got 10K cash, 100 daily repayment?

Hi there, @scott-thibeau.

 

Thank you for posting in the QuickBooks Community. I'd be happy to guide you through the steps in setting up loan and payment in QuickBooks Online. 

 

To start, let's create an account to track the loan and its repayment. 

 

Here's how:

  1. On the left pane, select Accounting.
  2. Select Chart of Accounts.
  3. At the top right, click New
  4. Set the Account Type to Other Current Assets.
  5. Choose Loans to Others in the Detail Type drop-down.
  6. Add a recognizable name like "Customer Loan-Lastname".
  7. Select Save and close.

Once done, issue a check for the loan. 

 

Here's how:

  1. At the right, click the Plus icon.
  2. Select Check
  3. Select the account used to fund the loan for Bank Account.
  4. Choose the account used to track the loan as the offsetting account.
  5. Enter the amount.
  6. Select Save and close.

After that, you can create a recurring template to record the payment daily.

 

Here's how:

 

Create first a product service item.

  1. At the top right, click the Gear icon, then select Products and Services.
  2. From the top right select New, then Service.
  3. Enter the item name (Example: Loan Payment Due).
  4. In the Income account drop-down, choose the customer's loan receivable account.

After that, create the recurring check.

  1. At the top right, click the Gear icon.

  2. Select Recurring Transactions then click New at the top right.

  3. From the Transaction Type drop-down, select Check then click OK.
  4. Enter a Template name.
  5. From the Type drop-down, select Scheduled.
  6. From the Customer drop-down, choose Add new. Create a generic customer name.
  7. Enter the detailed information. 
  8. Select Save Template.

Finally, receive the customer payments.

  1. Select the Plus icon at the top, then Receive Payment.
  2. Enter the payment information.
  3. In the Deposit to drop-down, choose Undeposited Funds.
  4. Select Save and close.

For additional support, feel free to reach out to our Phone Support. They can initiate a screen sharing session to help you setup this quickly. 

 

That should do it. Drop me a comment below if you have any other questions about recording the loan repayment in QuickBooks Online. I'll be happy to help you further. 

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