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The business owner made a loan to a private party so they could purchase a vehicle. The party is to pay back the loan in monthly payments. How do I set this up to track it?
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Hello there, @Zippygal.
Thanks for reaching out to us. I’m happy to guide you through the steps in setting up a loan and payment in QuickBooks Desktop.
In order to keep track of the loan and its payments, you must set up an Other Current Asset account in QuickBooks. Let me show you how:
Now, you can start recording the loan amount by creating a check. To do that, follow the steps below:
When they start making payments, separate this into two components: payment on a principal and the interest. Record it by making deposits. Here’s how:
Check out this link for more information: Track customer loans. The article is for QBO but much of the information and steps are relevant for QBDT. That should answer your concern for today. Leave a comment below if you have any other questions, I’m always here to help. Take care and have a great day!
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