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florinalazar
Level 1

EIDL loan payment

Hi! Please help me! I want to register yI already have read how to register an EIDL loan payment. My dilemma is that if I do A Check new entry for the loan payment how should I categorize the payment that is uploaded from my bank account since it's linked to my QB. Or should I keep only one entry, the one that I made as a Check and delete the one uploaded from my bank account?

 

Solved
Best answer February 24, 2021

Best Answers
FritzF
Moderator

EIDL loan payment

Welcome and thanks for visiting the Community, @florinalazar.

 

There's no need to delete either of the transactions. If you'll write a check of the loan payment, all you need to is do match it with the bank transactions once uploaded. This will avoid any duplicates in your account.

 

For the category, QuickBooks records the loan/interest payment as a company expense.

 

Here's an article that will guide you on how to properly track loan in QuickBooks Desktop (QBDT): Manually track loans in QuickBooks Desktop. It also includes that steps on how to record loan payments.

 

I'm also adding this article for more information about matching bank transactions in QBDT: Add and match Bank Feed transactions in QuickBooks Desktop.

 

Please know that I'm only a post away if you have any other concerns. I'll be more than happy to help. Have a great day!

View solution in original post

2 Comments
FritzF
Moderator

EIDL loan payment

Welcome and thanks for visiting the Community, @florinalazar.

 

There's no need to delete either of the transactions. If you'll write a check of the loan payment, all you need to is do match it with the bank transactions once uploaded. This will avoid any duplicates in your account.

 

For the category, QuickBooks records the loan/interest payment as a company expense.

 

Here's an article that will guide you on how to properly track loan in QuickBooks Desktop (QBDT): Manually track loans in QuickBooks Desktop. It also includes that steps on how to record loan payments.

 

I'm also adding this article for more information about matching bank transactions in QBDT: Add and match Bank Feed transactions in QuickBooks Desktop.

 

Please know that I'm only a post away if you have any other concerns. I'll be more than happy to help. Have a great day!

View solution in original post

florinalazar
Level 1

EIDL loan payment

Thank you! Thus was really helpful! 😃

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