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sales226
Level 1

How to post the loan amount received via vender ?

 
1 Comment 1
AlexV
QuickBooks Team

How to post the loan amount received via vender ?

Thanks for reaching out to us, sales226.

 

The first thing we need to do is to set up a liability account where we'll track the loan. Let me show you how:

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Click the New button. Select Non-Current Liabilities as your Account Type.
  3. Notes Payable (or Loan Payable) should be the Detail Type, then enter an account name.
  4. In the Balance field, enter the amount in the account. Tap Save and Close.

In addition, and determine the as of date. You'll want to enter today's date if you want to start tracking immediately. 

 

Once done, create a journal entry to put all the loan money into the bank. Then, you can create a cheque to record the repayment. You can check the detailed steps here: Set up a loan in QuickBooks Online.

 

Keep your posts coming if you need more help. Take care!