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Best answer February 06, 2022
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Let's record your family member loan in QuickBooks, @sb-alehzayis. You're in the right place for instructions.
I'll help you how to record your loan in your QuickBooks Desktop. This way, you can start managing them in your account.
To begin with, let's create a liability account if you don't have this yet. Follow the steps below:
- Go to the Lists menu, then select Chart of Accounts.
- Right-click anywhere and click New.
- Pick Long Term Liability in the Other Account Types drop-down, then tap Continue.
- Enter Account Name in the field.
- Complete the necessary fields, then hit Save & Close.
Next is to set up the vendor or lending company profile to personalize the transactions. Proceed as follows:
- Go to the Vendors menu, then select Vendor Center.
- Choose New Vendor and enter the bank name or the company you need to pay for the loan.
- Click OK.
After that, create an expense account to track the loan interest payments or fees. Do the following:
- Press Ctrl+ A to open the chart of accounts page, then right-click and select New.
- Select Expense and click Continue.
- Enter a unique name in the field and hit Save & Close.
Following that, let's record the loan amount by making a deposit. Then to record the loan payments, I'd suggest using a check. For the complete details, see this link: Manually track loans in QuickBooks Desktop.
Did you know that you can memorize transactions and set up a reminder for your upcoming payments in QuickBooks? To learn more about the process, click the following links below:
I always check my notifications to keep track of responses. That said, feel free to tag my name in the comments area if you have a follow-up question. Happy to help you again. Take care, sb-alehzayis.
Let's record your family member loan in QuickBooks, @sb-alehzayis. You're in the right place for instructions.
I'll help you how to record your loan in your QuickBooks Desktop. This way, you can start managing them in your account.
To begin with, let's create a liability account if you don't have this yet. Follow the steps below:
- Go to the Lists menu, then select Chart of Accounts.
- Right-click anywhere and click New.
- Pick Long Term Liability in the Other Account Types drop-down, then tap Continue.
- Enter Account Name in the field.
- Complete the necessary fields, then hit Save & Close.
Next is to set up the vendor or lending company profile to personalize the transactions. Proceed as follows:
- Go to the Vendors menu, then select Vendor Center.
- Choose New Vendor and enter the bank name or the company you need to pay for the loan.
- Click OK.
After that, create an expense account to track the loan interest payments or fees. Do the following:
- Press Ctrl+ A to open the chart of accounts page, then right-click and select New.
- Select Expense and click Continue.
- Enter a unique name in the field and hit Save & Close.
Following that, let's record the loan amount by making a deposit. Then to record the loan payments, I'd suggest using a check. For the complete details, see this link: Manually track loans in QuickBooks Desktop.
Did you know that you can memorize transactions and set up a reminder for your upcoming payments in QuickBooks? To learn more about the process, click the following links below:
I always check my notifications to keep track of responses. That said, feel free to tag my name in the comments area if you have a follow-up question. Happy to help you again. Take care, sb-alehzayis.
