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gwajhps
Level 1

Start Up - Loans from my Board of Directors?

How do do I setup long term loans from my Board of Directors?

2 Comments 2
LeizylM
QuickBooks Team

Start Up - Loans from my Board of Directors?

Hi there, gwajhps.

 

I'm here to make sure you'll be able to set up long-term loans in QuickBooks Online.

 

You'll need to create a charge of accounts to track loaned amounts depending on how long you'll pay them. You can use the long-term debt type to track loans and obligations with a maturity of longer than one year. 

 

Here's how to set up a business loan:

 

1. Go to the Gear icon.

2. Click on Accounting and choose Chart of Accounts.

3. Click on New.

4. In the Account Type drop-down choose Non-current liabilities.

5. Under Detail Type, select long-term debt.

6. Fill out the information in the Name, Description, and Unpaid balance of fields.

7. Once done, Save and Close.

 

Also,  I'd still suggest contacting your account on what Account Type and Detail Type you'll need to use.

 

Keep me posted by replying to this thread if you need anything else in QuickBooks Online. Have a great day!

gwajhps
Level 1

Start Up - Loans from my Board of Directors?

Do I create Board Members as customers?

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