Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Questions about how to close your books for 2020? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

We are just setting up Quickbooks this year. We have had our vehicles for several year and need to add the loans in Quickbooks. How do we do this?

 
Solved
Best answer March 11, 2020

Best Answers
QuickBooks Team

We are just setting up Quickbooks this year. We have had our vehicles for several year and need to add the loans in Quickbooks. How do we do this?

Nice to have you here in the Community, @dusti-pitman.

 

You can set up loans in QuickBooks by setting up a liability account to record what you owe. This will allow you to add the loans from your vehicles into the program. These steps will show you how:

  1. Navigate to the Gear icon and select Chart of Accounts.
  2. Press New.
  3. In the Account Type menu, click Long Term Liabilities.
  4. From the Detail Type drop-down, select Notes Payable.
  5. Type a name for the loan in the Name box.
  6. Choose a period of when you want to start tracking the finances in QuickBooks.

 

 

      7. Enter the loan amount as a negative in the Amount field.

      8. Hit Save and Close.

 

Now you have an account that will track the expenses for the loan. So, the next steps are to record the money from the loan and the loan payments. You can check out this article on setting up loans for more information on how to record them correctly.

 

Just hit the Reply button below if you have any other questions. Take care!

View solution in original post

1 Comment
QuickBooks Team

We are just setting up Quickbooks this year. We have had our vehicles for several year and need to add the loans in Quickbooks. How do we do this?

Nice to have you here in the Community, @dusti-pitman.

 

You can set up loans in QuickBooks by setting up a liability account to record what you owe. This will allow you to add the loans from your vehicles into the program. These steps will show you how:

  1. Navigate to the Gear icon and select Chart of Accounts.
  2. Press New.
  3. In the Account Type menu, click Long Term Liabilities.
  4. From the Detail Type drop-down, select Notes Payable.
  5. Type a name for the loan in the Name box.
  6. Choose a period of when you want to start tracking the finances in QuickBooks.

 

 

      7. Enter the loan amount as a negative in the Amount field.

      8. Hit Save and Close.

 

Now you have an account that will track the expenses for the loan. So, the next steps are to record the money from the loan and the loan payments. You can check out this article on setting up loans for more information on how to record them correctly.

 

Just hit the Reply button below if you have any other questions. Take care!

View solution in original post

Need to get in touch?

Contact us