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EuniceA
Level 2

How to record a Long term Loan in Quickbooks online

Hello All,

I am a little bit confused on the entry of long term loan received. Do I record it using the Deposit feature or the Journal entry feature in QuickBooks Online after I have created my liability account. Previous Accountant entered them using the Deposit feature but I am used to the journal entry feature. Kindly advise.

 

Regards,

Eunice

Solved
Best answer August 26, 2020

Best Answers
Rustler
Level 15

How to record a Long term Loan in Quickbooks online

Create the liability account, use deposit and that liability account as the source account for the deposit

 

Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

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2 Comments 2
Rustler
Level 15

How to record a Long term Loan in Quickbooks online

Create the liability account, use deposit and that liability account as the source account for the deposit

 

Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

EuniceA
Level 2

How to record a Long term Loan in Quickbooks online

@Rustler Thank you for your input. It´s really appreciated.

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