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Setting up a Chart of Accounts for a loan

Borrowed money from a partner to invest in the company.  Not sure how to set this up in QB.  Can someone help please?

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Best answer 03-06-2019

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QuickBooks Team

Re: Setting up a Chart of Accounts for a loan

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:

  1. Select the Gear icon.
  2. Under Your Company, select Chart of Accounts.
  3. Select New.
  4. 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.
  5. In the Detail Type drop-down list, select either Other Current Liabilities or Long Term Liabilities.
  6. Enter a Name for the account.
  7. Leave the Unpaid Balance field blank.
  8. 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.

View solution in original post

1 Comment
QuickBooks Team

Re: Setting up a Chart of Accounts for a loan

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:

  1. Select the Gear icon.
  2. Under Your Company, select Chart of Accounts.
  3. Select New.
  4. 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.
  5. In the Detail Type drop-down list, select either Other Current Liabilities or Long Term Liabilities.
  6. Enter a Name for the account.
  7. Leave the Unpaid Balance field blank.
  8. 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.

View solution in original post

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