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Our company purchased a vehicle and we are making monthly payments on the loan. How do I set this up in Quickbooks as far as Chart of Accounts?
Solved! Go to Solution.
I'll help you how to record your loan in your QuickBooks Desktop, @PremierRef2019. 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:
Next is to set up the vendor or lending company profile to personalize the transactions. Proceed as follows:
After that, create an expense account to track the loan interest payments or fees. Do the following:
Following that, let's record the loan amount by creating a Journal Entry (JE). For a non-cash loan, you'll need to set up an asset account first. Please follow the first steps I outlined above about creating a liability account. Just make sure to choose Asset.
Once done, proceed in creating the JE. Do the following:
After the payment is complete, record it in QuickBooks by writing a Check. For the instructions, check out this article: 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, please feel free to tag my name in the comments area if you have a follow-up question. Happy to help you again. Take care, PremierRef2019.
I'll help you how to record your loan in your QuickBooks Desktop, @PremierRef2019. 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:
Next is to set up the vendor or lending company profile to personalize the transactions. Proceed as follows:
After that, create an expense account to track the loan interest payments or fees. Do the following:
Following that, let's record the loan amount by creating a Journal Entry (JE). For a non-cash loan, you'll need to set up an asset account first. Please follow the first steps I outlined above about creating a liability account. Just make sure to choose Asset.
Once done, proceed in creating the JE. Do the following:
After the payment is complete, record it in QuickBooks by writing a Check. For the instructions, check out this article: 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, please feel free to tag my name in the comments area if you have a follow-up question. Happy to help you again. Take care, PremierRef2019.
Thank you for your help!! This helped alot!
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