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Newsomebrandon
Level 1

Debt payment

Looking to pay off debt

1 Comment 1
Tori B
QuickBooks Team

Debt payment

Good morning, @Newsomebrandon.

 

Thanks for taking the time to reach out to the QuickBooks Community. I hope you're having a great day so far. 

 

To clarify, are you looking to record a loan repayment of the full amount of the loan? If so, here's how you can record your loan payment: 

 

  1. Select + New.
  2. Choose Check.
  3. Add a check number if you plan to send an actual check. If you use direct withdrawal or an EFT, enter Debit or EFT in the Check no. field.

 

Then enter the following in the Category details section of the check:

 

  1. On the first line, tap on the liability account for the loan from the Category dropdown. Then enter the payment amount.
  2. On the second line, choose the expense account for the interest from the Category dropdown. Then enter the interest amount.
  3. On additional lines, add any additional fees. Select the appropriate accounts from the Category dropdown.
  4. When you're done, hit Save and Close.

 

That should do the trick. For more information about this process, check out Set up a loan in QuickBooks Online

 

However, if this isn't what you're looking for, please don't hesitate to let me know. I'm only a reply away. Take care! 

 

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