cancel
Showing results for 
Search instead for 
Did you mean: 
jefftdowdle
Level 1

We were using Loan manager in quickbooks desktop and I don't see it now that we migrated to QBO. How do you make a payment on a loan that was setup in loan manager?

 
1 Comment 1
SarahannC
Moderator

We were using Loan manager in quickbooks desktop and I don't see it now that we migrated to QBO. How do you make a payment on a loan that was setup in loan manager?

Hello there, jefftdowdle.

 

In QuickBooks Online, you'll need to set up a liability account to record what you owe. The steps below will guide you through the process:

 

  1. Go to Accounting on the left panel.
  2. Within the Chart of Accounts tab, select New to create a new account.
  3. In the Account Type drop-down arrow, select Long Term Liabilities. From the Detail Type drop-down, select Notes Payable.
  4. Then, Save and close.
    j.PNG

 

When recording a loan payment, you can follow the steps below:

 

  1. Go to the +New button.
  2. Select Check.
  3. Fill out the required information.
  4. Select the bank account holding the loan you'll use to make payments from the Payment account drop-down arrow.
  5. From the Category drop-down arrow, select the liability account to track this loan.
  6. Select the expense account for the interest in the next Category line.
  7. Enter the total amount of the loan payment in the Amount field.
  8. Once done, Save and close.
    h.PNG

 

You can check this article for  more details: Set up a loan in QuickBooks Online

 

Let me know if you have other questions. Take care and stay safe always.

Need to get in touch?

Contact us