It's nice to see you posting here in the Community forum, Strands of love. I'll be happy to guide you in tracking the personal loan from your your business.
To ensure the loan is properly recorded on your QuickBooks Online (QBO) account, you'll have to set up a liability account for the loan and create a journal entry. Let me show you how:
- Go to the Gear icon at the top.
- Choose Chart of Accounts.
- Click the New button at the top.
- In the Account dialog, select Long Term Liabilities from the Account Type drop-down list.
- From the Detail Type drop-down list, select Long Term Liabilities.
- Enter a Name for the account.
- Leave the Unpaid Balance field blank.
- Click Save and close.
After that, create a journal entry to record the loan. Here's how:
- In the left menu, click the + New button.
- Choose Journal Entry from the Other option.
- Enter the loan amount and log the appropriate amounts to the relevant expense accounts.
- Click on Save and close.
When you're ready to make payments, proceed to Step 3: Record loan payments on this article: How to record a company loan from a company officer or owner.
If you have other QuickBooks questions, feel free to reply on this thread, Strands of love. We're always available if you require any further assistance.
