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Connect with and learn from others in the QuickBooks Community.
Join nowHello, @alabamarolltide.
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:
Once the account is set up, you can record the money you got from the loan through a journal entry. Here's how:
Now your loan is recorded, and you can track the money you spend. You may also find this article about setting up loans in QuickBooks Online helpful as well.
Feel free to drop a line below if you have any other questions. Enjoy the rest of your day!
I am so confused by your verbiage here:
"4) On the second line, click the appropriate asset account from the Account drop-down, then type the same loan amount in the Debits column."
what ASSET are we debiting in the case of a loan funding?
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