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How and where do I record a loan we gave someone?
I'm specifically asking about a loan we GAVE, not one we received.
Solved! Go to Solution.
Good evening, @sb-alehzayis.
Let's get this loan recorded into your QuickBooks Desktop. This type of loan is considered a Loan Receivable since it's a loan given and not taken. I'm here to show you how to get everything set up to have all of the proper recordings.
We can start by creating the Loan account. I've provided the steps below on how to do this with ease:
After creating the account, then you can record the loan payments. Here's how:
That's all there's to it! This is how you can record and keep track of the Loan Receivable in QuickBooks Desktop.
If you have any additional questions or concerns, please don't hesitate and reach back out to me. Have a great day.
Good evening, @sb-alehzayis.
Let's get this loan recorded into your QuickBooks Desktop. This type of loan is considered a Loan Receivable since it's a loan given and not taken. I'm here to show you how to get everything set up to have all of the proper recordings.
We can start by creating the Loan account. I've provided the steps below on how to do this with ease:
After creating the account, then you can record the loan payments. Here's how:
That's all there's to it! This is how you can record and keep track of the Loan Receivable in QuickBooks Desktop.
If you have any additional questions or concerns, please don't hesitate and reach back out to me. Have a great day.
This is helpful, but how do we record the original transaction when we extended the loan to the customer. The money left Bank account A and went to the customer. How is that recorded? Thank you!
This is very helpful, but how do we record the original transaction? When money went from our bank account to a customer- how is that recorded?
I can show you how to record the customer loan in QuickBooks, @JnormL.
You can record the loan to the customer by writing a check. Follow the steps below:
For more information about tracking cash and non-cash asset loans, refer to this article: Manually track loans in QuickBooks Desktop. This will also guide you to track interest payments or fees.
To see other loan options and to see what else you can do with your loan in different scenarios, use the What If Scenarios tool in the following article: QuickBooks Loan Manager.
Let me know if you still need help recording your customer loan and payments. I'm always here to assist. Have a great rest of the day!
The original transaction can be recorded as a check. First, make sure you have the Note Receivable asset account set up. Then, when you write the check, assign the Note Receivable account to the check. That will decrease your bank account and increase the Note Receivable account by the same amount.
Good afternoon, I would appreciate your commets:
On january last year (2022) we lent money to a person and it has not been repayed yet, it will be repayed this year, how do I account it? do I have to pay taxes for it? best regards2
How do you get quickbooks to amortize the loan and calculate the interest? Otherwise if you just enter the amount of the loan you gave, and enter the payment the loan balance will not be correct because isn't calculating the interest....
"How do you get quickbooks to amortize the loan and calculate the interest?"
QB doesn't do it automatically. You need to record the principal and interest portions as separate line items based on your own amortization schedule.
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