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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! Go to Solution.
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.
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.
@Rustler Thank you for your input. It´s really appreciated.
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