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Yes, @lkhancox24, you don't need to create an account under COA since you already have a section for that.
In QuickBooks, when you set up a term loan, the software will automatically generate a new section specifically for term loans in the COA. This feature helps organize and track term loans within the accounting system.
Moreover, I've got these articles for future reference that could be handy once you need to create a sub-account and make an account inactive in your COA:
We're always available to assist you, if you have more questions or concerns about accounts-related matters in your COA, don't hesitate to add a reply below. Have a good one.
Thank you for getting in touch with the Community, lkhancox24.
In QuickBooks Online, recording loans as an expense can only be applied to interest payments. On the other hand, we can create a liability account for recording loans into your bank account. I'd be glad to discuss this in detail and walk you through the process.
To set up a loan in QuickBooks Online, follow these steps:
1. Create a Liability Account:
2. Determine the Loan Balance:
3. Record the Loan Repayment:
For a comprehensive understanding of the process, I recommend referring to this article for the detailed instructions: Set up a loan in QuickBooks Online.
Additionally, you may check out this article to get more information on how to record, edit, and delete expenses in QuickBooks Online: Enter and manage expenses in QuickBooks Online.
If you have further questions about other concerns in QuickBooks Online, please feel free to reach out. I will be checking this thread from time to time. Have a productive day!
Thank you for the information! I've just discovered that I now have a new section called "Term Loan", which has my loan information listed and contains a payment button. I'm assuming that I don't need to create an account under Chart of Accounts if it's showing up under Term Loan?
Yes, @lkhancox24, you don't need to create an account under COA since you already have a section for that.
In QuickBooks, when you set up a term loan, the software will automatically generate a new section specifically for term loans in the COA. This feature helps organize and track term loans within the accounting system.
Moreover, I've got these articles for future reference that could be handy once you need to create a sub-account and make an account inactive in your COA:
We're always available to assist you, if you have more questions or concerns about accounts-related matters in your COA, don't hesitate to add a reply below. Have a good one.
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