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Marietjie1
Level 1

Loaned a company money

I loaned a company money, what description do i use and how do i create a file? How do I put it into quickbooks. Sorry my english is a bit bad. 

Solved
Best answer October 20, 2021

Best Answers
JasroV
QuickBooks Team

Loaned a company money

It's my pleasure to guide you on how to seamlessly record your loan in QuickBooks Online (QBO), Marie.

 

To begin with, you'll need to set up a liability account to record your loan. Here's how:
 

  1. Go to the Gear icon, then select Chart of accounts.
  2. Select New to create a new account.
  3. From the Account Type drop-down, select Long Term Liabilities.
  4. Select Notes Payable from the Detail Type drop-down,
  5. Give the account a relevant name, like "Loan for a car".
  6. Fill in the needed details and click Save and close.

 

To record your loan payment:
 

  1. Go to the + New menu, and select Check
  2. Select the Category Details section of the check.
  3. On the first line, select the liability account for the loan from the Category drop-down. Then enter the payment amount.
  4. Select Save and close once done.

 

You can also use this link for additional reference about the process: Set up a loan in QuickBooks Online.

 

Furthermore, I'd encourage you to work with your accountant for further guidance. They can advise you on what description to use and help ensure the accuracy of your accounts after recording this. You can also invite them so you can work together harmoniously. If you're not affiliated with one, you can visit our ProAdivsor page and we'll help you find one from there.

 

Once everything is in place, feel free to check out this resource that serves as your guide in effectively matching your accounts: Reconcile an account in QuickBooks Online.

 

In case you need more help recording your loans in QuickBooks, you can always tag me in your reply. I'll be here more than happy to help you anytime. Have a great day and more power to your business!

View solution in original post

1 Comment 1
JasroV
QuickBooks Team

Loaned a company money

It's my pleasure to guide you on how to seamlessly record your loan in QuickBooks Online (QBO), Marie.

 

To begin with, you'll need to set up a liability account to record your loan. Here's how:
 

  1. Go to the Gear icon, then select Chart of accounts.
  2. Select New to create a new account.
  3. From the Account Type drop-down, select Long Term Liabilities.
  4. Select Notes Payable from the Detail Type drop-down,
  5. Give the account a relevant name, like "Loan for a car".
  6. Fill in the needed details and click Save and close.

 

To record your loan payment:
 

  1. Go to the + New menu, and select Check
  2. Select the Category Details section of the check.
  3. On the first line, select the liability account for the loan from the Category drop-down. Then enter the payment amount.
  4. Select Save and close once done.

 

You can also use this link for additional reference about the process: Set up a loan in QuickBooks Online.

 

Furthermore, I'd encourage you to work with your accountant for further guidance. They can advise you on what description to use and help ensure the accuracy of your accounts after recording this. You can also invite them so you can work together harmoniously. If you're not affiliated with one, you can visit our ProAdivsor page and we'll help you find one from there.

 

Once everything is in place, feel free to check out this resource that serves as your guide in effectively matching your accounts: Reconcile an account in QuickBooks Online.

 

In case you need more help recording your loans in QuickBooks, you can always tag me in your reply. I'll be here more than happy to help you anytime. Have a great day and more power to your business!

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