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Hello,
We recently took out a loan and the first payment was just automatically withdrawaled from our bank account. I am not sure which category the expense should go in. Please advise.
Solved! Go to Solution.
I've got you, @Aria Wittenberg. I can help you choose what specific category you can use in recording your loan repayment in QuickBooks.
I'll make sure that you can record your repayment transactions accordingly in your account. Below is the step-by-step procedure on how to track loans in QuickBooks Online.
If you don't have a liability account set up in your account yet, I'd recommend creating it first. This way, we can track your loan repayment transactions accordingly.
You can do the following:
After that, create a Journal Entry to record the money you got from the loan. I'll show you how:
Once done, you may now record the repayment by creating a check. Do the following:
See this article for the complete steps: Set up a loan in QuickBooks Online.
On top of that, I'd suggest consulting an accountant as well. They can review your business needs and guide you what specific category to use. Also, they maybe have other ways to record the loan repayment that meets your business needs.
Once everything is in place, you can always run the quick loan report by going to the Chart of Accounts page. This way, you can review the transactions with the remaining balance. Refer to the example screenshot below for guidance.
I've also added articles about managing vendor transactions, information, and related topics.
If you have a question about QuickBooks, feel free to ask me. I'm an open book that is willing to help you anytime. Keep safe, Aria Wittenberg.
I've got you, @Aria Wittenberg. I can help you choose what specific category you can use in recording your loan repayment in QuickBooks.
I'll make sure that you can record your repayment transactions accordingly in your account. Below is the step-by-step procedure on how to track loans in QuickBooks Online.
If you don't have a liability account set up in your account yet, I'd recommend creating it first. This way, we can track your loan repayment transactions accordingly.
You can do the following:
After that, create a Journal Entry to record the money you got from the loan. I'll show you how:
Once done, you may now record the repayment by creating a check. Do the following:
See this article for the complete steps: Set up a loan in QuickBooks Online.
On top of that, I'd suggest consulting an accountant as well. They can review your business needs and guide you what specific category to use. Also, they maybe have other ways to record the loan repayment that meets your business needs.
Once everything is in place, you can always run the quick loan report by going to the Chart of Accounts page. This way, you can review the transactions with the remaining balance. Refer to the example screenshot below for guidance.
I've also added articles about managing vendor transactions, information, and related topics.
If you have a question about QuickBooks, feel free to ask me. I'm an open book that is willing to help you anytime. Keep safe, Aria Wittenberg.
Thank you! This definitely helped.
Hello, Aria Wittenberg.
I'm glad my colleague was able to help you resolve your concern about recording your loan repayment in QuickBooks Online.
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