Quickbooks Online. I need to record the EIDL loan in long term liabilities? After that, I need to record that balance into my checking account. Step by Step instructions.
I need to be told where to go step by step...Accounting...Chart of Accounts..long term liabilities .."new" set up EIDL loan and enter balance? Then how do I get that balance from here to my business checking account?
I hope you're having a beautiful day. I'm happy to walk you through the steps of recording and tracking your EIDL loan in QuickBooks. This will allow you to set up a liability account and record the amount you received from the loan. The steps below will show you how:
Navigate to the Accounting tab and click Chart of Accounts.
In the top right-hand corner, press the New button to create a new account.
From the Account Type drop-down, choose Long Term Liabilities if you plan to pay off the loan by the end of the fiscal year or Other Current Liabilities if it's payable in a short period.
Select the details that match your loan in the Detail Type box.
Add a name to the account like EIDL Loan, then enter the full loan amount as a negative in the Amount field.
Hit Save and close
Once the account is set up, you can record the money you got from the loan through a journal entry. Here's how:
Go to the + New icon on the left-hand side of your screen.
Choose Journal Entry.
In the first line, select the liability account you created in the Account drop-down box and enter the loan amount in the Credits column.
On the second line, click the appropriate asset account from the Account drop-down, then type the same loan amount in the Debits column.