Hi there, @DTownsend. I can help you record the loan repayment in QuickBooks Online (QBO).
You can use a barter account to track your transactions. First set up the account.
- Go to the Gear icon, then click on Chart of accounts.
- Select New to create a new account.
- Under the Account Type dropdown, select Bank.
- Under the Detail Type dropdown, select Cash on hand.
- Enter the account name. (ex. Barter Bank Account)
- Hit Save and Close.
When you issue the loan amount to your customer, you can create a check using the account created. Every time your customer renders a service to pay the loan, you can record a deposit and track the amount on the barter account to deduct the loan amount.
To record a deposit:
- Go to the +New icon, then Bank Deposit.
- Fill in the details.
- Save the transaction.
I'm also adding this link for more tips about recording barter transaction in QuickBooks: Record a barter transaction.
You can also get more hints while handling loans in QBO from this article: Set up a loan in QuickBooks Online.
Leave a comment below if you have follow-up questions about loan repayment. I'm always here to help. Have a good one!
