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Let's set up a liability account in QuickBooks Online, nautilusaccounting.
You'll be using this account to record the loan and the payments. I'll guide you how.
- Go to the Gear icon and choose Chart of Accounts.
- Click on New.
- Select Long Term Liabilities from the Account Type drop-down arrow.
- From the Detail Type drop-down arrow, select Notes Payable.
- Choose Beginning of this year in the When do you want to start tracking your finances ▼ drop-down arrow.
- Enter the full loan amount as a negative amount in the Amount field. Since future payments to the bank are a liability for your business, the amount should be negative.
- Click on Save and Close.
Once done, you can now record the loan payment as an expense transaction in QuickBooks Online.
Also, we have an amazing feature that can help you track your cash flow in QuickBooks Online. You can use different reports and projections to get a clear look at your current and future business's finances.
Additionally, I've added our Your First Time with QuickBooks Online article. This consists of information that you'll need for successful bookkeeping.
I'm always here if you have other questions with regards to recording your loan. Please post your questions here and I'll respond as soon as possible. Keep safe.
