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wsenti0
Level 2

Tracking Costs with Jobs and Items or Classes - Loan Proceeds Uses

Hi,

 

I am navigating how to setup an ability to track a certain category of costs / expenses for certain loan proceeds.

 

We already track for existing jobs, but I would like to have a secondary category for tracking these loan proceeds for specific uses.

 

I am aware of items and classes, but what would be the best way to achieve this? The goal is to not interfere with our job tracking, while also tracking these proceeds for future review / reporting.

 

Thank you.

3 Comments
MaryAnn_E
QuickBooks Team

Tracking Costs with Jobs and Items or Classes - Loan Proceeds Uses

Hi there, @ wsenti0.

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 to do it.


Here’s how:

 

  1. Go to Lists at the top menu bar, then select Chart of Accounts.
  2. Click on the Account drop-down, then choose New.
  3. Mark the radio-button for Other Account Types.
    NOTE: Other Current Liability for short-term loans
    Long-term liability for loans payable over a longer period.
  4. Click on the Continue button, and enter the account’s name.
  5. Fill in the necessary fields.
  6. Click on Save & Close.


After setting up the account, you can now record the loan amount. Let me guide you how.

 

  1. Go to Banking at the top menu bar, then select Make Deposits.
  2. In the Deposit To section, choose the account you want to record the transaction.
  3. Enter the date.
  4. Click on the Received From drop-down, and select the appropriate name.
  5. In the From Account drop-down, enter the name of the liability account.
  6. In the Amount column, type the loan amount.
  7. Click the Save button.

Once done, input the payment. I’ll walk you through the steps.

 

  1. Go to Banking at the top menu bar, then select Write Checks.
  2. Select the correct bank account you’ll use to pay the loan.
  3. In the Pay to the Order of field, select the name of the bank.
  4. Go to the Expenses window.
  5. On the first line, choose the liability account you created and enter the payment for the principal amount.
  6. On the second line, select an interest expense account and record the payment for the loan interest.        
  7. Click on Save & Close.

Here’s an article with detailed information and screenshots on how to manually track loans.

 

These steps should get you pointed you in the right direction recording a loan.

 

If you need further assistance with any of these steps, post a comment below.

wsenti0
Level 2

Tracking Costs with Jobs and Items or Classes - Loan Proceeds Uses

Hi Mary,

 

Thank for your initial response.

 

However, I was not looking for assistance on how to record a loan. Disregard the sources of cash.

I am looking to figure out how to track certain expenses / costs associated with a single activity that is not a customer.

 

I would like the ability to track such expense / cost both for a customer and for another activity (i.e. I do not want tracking to conflict – not creating a job to track this).

 

The end goal would be to be able to generate a report with all the costs tracked under this activity.

To clarify my understanding.

 

Would class tracking work for this? The chart of accounts would not be altered as these cost items are already associated with chart of account categories.

 

Let me know if you require more clarification from me.

 

Thank you.

IntuitLily
Moderator

Tracking Costs with Jobs and Items or Classes - Loan Proceeds Uses

I appreciate the additional information, @wsenti0.

 

Yes, class tracking will certainly work based on the scenario provided. Once you create an expense, you can assign a class and generate reports to compare the balance across multiple classes or locations.

 

The class feature is mainly for tracking segments and you can use this for one category only. You can refer to this article for a more detailed explanation: Set up and use class tracking in QuickBooks Desktop.

 

After setting up the classes, you can pull up a report that'll sort or total by class. You can check this link on how to obtain this report: Filter, sort or total reports by Class.

 

Keep me posted if you have follow-up questions. I'm always ready to help. Enjoy your weekend.

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