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Best answer March 06, 2019
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I'm glad to see your post here in the Community, OmegaAdmin.
I can guide you through on how to set up a loan in QuickBooks Online (QBO).
Let's first to set up a liability account for the loan. To do this, please follow the steps below:
- Select the Gear icon.
- Under Your Company, select Chart of Accounts.
- Select New.
- In the Account dialog, select either Other Current Liabilities or Long Term Liabilities from the Account Type drop-down list, depending on the type of loan and its repayment time frame.
- In the Detail Type drop-down list, select either Other Current Liabilities or Long Term Liabilities.
- Enter a Name for the account.
- Leave the Unpaid Balance field blank.
- Select Save and close.
Once done, you can proceed to the next step which is to create a journal entry to record the loan. For the details of the steps, please refer to this article: How to record a company loan from a company officer or owner.
That should do it. Always feel free to drop by again if you have follow-up questions about setting up a loan in QBO. I'd be glad to answer them for you.
I'm glad to see your post here in the Community, OmegaAdmin.
I can guide you through on how to set up a loan in QuickBooks Online (QBO).
Let's first to set up a liability account for the loan. To do this, please follow the steps below:
- Select the Gear icon.
- Under Your Company, select Chart of Accounts.
- Select New.
- In the Account dialog, select either Other Current Liabilities or Long Term Liabilities from the Account Type drop-down list, depending on the type of loan and its repayment time frame.
- In the Detail Type drop-down list, select either Other Current Liabilities or Long Term Liabilities.
- Enter a Name for the account.
- Leave the Unpaid Balance field blank.
- Select Save and close.
Once done, you can proceed to the next step which is to create a journal entry to record the loan. For the details of the steps, please refer to this article: How to record a company loan from a company officer or owner.
That should do it. Always feel free to drop by again if you have follow-up questions about setting up a loan in QBO. I'd be glad to answer them for you.
Good day, lbmiller51.
I'd be glad to share the steps with you on how to create a journal entry in QuickBooks Online. Here's how:
- Click the + New button and select Journal Entry.
- Select the accounts in the Account columns. You'll want to reach out to your accountant just in case you're not sure which accounts to use since you mentioned that there are no expenses yet.
- Enter the amounts in the Debit and Credit columns.
- Enter all other details such as description, class, or name.
- Click Save.
However, you usually make a bank transfer or bank deposit if you want to add in funds to the bank. Please see these articles for more details:
Don't hesitate to reach out to us again if you need more help from us. The Community is always here to make sure you get everything sorted out.
