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michael@springpa
Level 2

How do you create a long term note receivable in quickbooks online

There doesnt seem to be an option to create a long term asset for notes receivable.
4 Comments 4
MichelleBh
Moderator

How do you create a long term note receivable in quickbooks online

You can create and manage your notes receivable in QuickBooks Online (QBO), michael@springpa.

 

Creating long-term notes receivable in QBO is just a few clicks. I can guide you on how to do it. 

 

First, you'll want to create an asset account to track your note receivable transactions. 

 

Here's how: 

  1. Go to the Accounting tab, then choose Chart of Accounts
  2. Click the New button on the upper right side. 
  3. Pick Other Asset in the Account Type drop-down. 
  4. In the Detail Type, select Other Long-term Assets
  5. Tap Save and close

 

You may refer to this article for more knowledge: Add an account to your chart of accounts in QuickBooks.

 

After that, you'll want to set up a Service category, then link the Other Asset account to that item. Let me guide you on how. 

  1. Choose the Sales tab, then select the Product and services button. 
  2. Tap the New button on the right side. 
  3. Pick Service, then enter a unique name in the field. 
  4. In the Income Account drop-down, choose the asset account you've created earlier. 
  5. Click Save and close

 

For more information, check out this link: Add product and service items.

 

Once you're ready to record your income, you can use that service item in your sales transaction. Additionally, if you want another way, I'd recommend consulting an accountant. They can help you handle your notes receivable data. 

 

Check out these links to learn more about how to issue a multi-purpose loan. Also, help you set up a recurring invoice for your customer for monthly payments.

 

 

We do like hearing from you, so drop us a line and let me know if you have other questions. Keep safe. 

michael@springpa
Level 2

How do you create a long term note receivable in quickbooks online

I tried to do that before I made my post, however, I don't have the same options as you are showing. When I click Add in the top right it brings me to this new category window, not new account, then I don't get the options you were showing me.

 

qb1.PNGqb2.PNG

michael@springpa
Level 2

How do you create a long term note receivable in quickbooks online

I researched and tried that before making this post, however, the entire issue is that I do not get that screen you and all the instructions online showed me. What I get when I click add is New category, not new account.

 

 

 

qb1.PNG

Adrian_A
Moderator

How do you create a long term note receivable in quickbooks online

Hello there, michael@springpa.

 

Let's try creating a long term note receivable on an incognito window. There are times that issues like this occurs when the system encounter browser-related concerns. You can use these keyboard shortcuts to open one:

 

  • Google Chrome: Ctrl Shift N
  • Mozilla Firefox: Ctrl Shift P
  • Microsoft Edge: Ctrl Shift P
  • Safari: Command Shift N

 

If it works, you can  go back to a regular browser and clear its cache. A piled cache can also be the reason for some unexpected issues on the opened pages.

 

We can also switch to a different browser like  Google Chrome, Mozilla Firefox, Safari, or Microsoft Edge as an alternative.

 

Feel free to check this reference on how to issue a loan: Track customer loans.

 

I'll be around if there's anything that I can help with issuing a loan. Stay safe!

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