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I joined this company in June 2018. The record of this company before June was not clear and many records are missing. Today, my boss said that we have to pay back a loan we had made in Jan 2018. (Let's say the loan = USD10,000). However, when I check the record of Jan 2018, there was no record of USD10,000 had been received... For I loan that I have never borrowed but I have to pay back now, how can I record this? Just treat this USD10,000 as an expense of this month?
Solved! Go to Solution.
Hi Miko,
Let me assist you in recording your loan payments.
Since the loan was not recorded in the first place, we have to record it first before recording a payment. This way, your reports will not display a loss if you only record it as an expense. Follow the steps below to set up a business loan, enter an opening balance, and record the payment.
First, create a liability account for the loan.
Next, enter the “USD10, 000” as an opening balance.
Lastly, record the payment.
The set of steps I've shared is a general way on how to record loans in QuickBooks Online. But I still recommend contacting your accountant for further accounting-specific help.
If you don’t have an accountant available, you may visit our ProAdvisors page. You can contact one of our ProAdvisors and ask them for accounting advice.
If you have other questions, feel free to leave a comment below.
Hi Miko,
Let me assist you in recording your loan payments.
Since the loan was not recorded in the first place, we have to record it first before recording a payment. This way, your reports will not display a loss if you only record it as an expense. Follow the steps below to set up a business loan, enter an opening balance, and record the payment.
First, create a liability account for the loan.
Next, enter the “USD10, 000” as an opening balance.
Lastly, record the payment.
The set of steps I've shared is a general way on how to record loans in QuickBooks Online. But I still recommend contacting your accountant for further accounting-specific help.
If you don’t have an accountant available, you may visit our ProAdvisors page. You can contact one of our ProAdvisors and ask them for accounting advice.
If you have other questions, feel free to leave a comment below.
I am trying to follow your directions on setting up a loan, however in my QB 2019 for Mac it does not flow the same. I can set up the loan as a Long Term Liability but when I try to apply the payments from my register the loan amount does not change. What am I doing wrong? Thanks in advance!
I'm here to help you track your loan account, harriscal17.
Good job that you've set up your Long Term Liability Loan account. Now that you have a liability account for the loan, here’s how to record the loan amount.
For more details in tracking and recording your loan you can check out this article: Manually track loans in QuickBooks Desktop . Just drill down until you reach the steps for QuickBooks Desktop for Mac.
Get back to me if you have other questions. Take care!
what if the money was paid straight to the loan owed. So you have no money to deposit.
Example: I have bank 1; bank 1 has a loan of 10,000 so tractor supply paid off my loan in bank one with a check from tractor supply to bank one. no money was exchanged with me. How do I record this in QBO
I was kinda hoping someone had replied to his question at the end. The money wasn't actually deposited into the bank account. For mine, the money went into personal and then it was dispursed in another way!
Could I just setup as AP?
Let me help you record this transaction, @leebrendalee.
If this loan is part of your business, then you can record this as an Expense. But if not, you can have this as an Owner’s withdrawal.
To record a loan payment, you must create a liability account. This liability account will record the loan and its payments.
You can set up a liability account from the Chart of Accounts to record the loan.
From here, you can put your loan money directly into your bank account by creating a journal entry. Finally, to record the loan payment, simply create a cheque from the + New button.
See the following article for more information about this: Set up a loan in QuickBooks Online.
To pay an owner’s draw, you’ll just have to create an Equity account from the Chart of Accounts. Then, write a cheque from the bank account where your money will be withdrawn.
To create an Equity account:
To write a cheque from an Owner's equity account:
Check these articles for more information:
I'm always here if you need more help. Have a great rest of the day!
Hi Miko,
I have bank charges from my bank. such as witholding tax.How do i record this. I also have this same tax from government customers.
Janet
Welcome to the thread, @Sheen Solutions.
You can create a bank deposit transaction and record the charge as a negative amount.
Here's how:
If you need tips and related articles in the future, you can always visit our QuickBooks Community help website.
If you have other questions or concerns, let me know by leaving a comment below. I'm always here to help you out. Have a great day!
But if the money was never deposited to the bank, as he says, this will not work. I think the correct answer is to find out how the loan was disbursed and where the funds went. Usual situation is Owner's Draw with loan proceeds going directly to owner. But that has to be determined before anything can be put on the books.
We were doing a simple quickbooks online per account. We just tracked our monthly truck payments splitting out interest and principle. Now we are planning on buying a building and we need to get these liabilities put into the correct account and not just as an expense for a proper balance sheet. Problem is the trucks were brought in 2018 and 2019. Should I go back this far and set up the liabilities accounts? I can just change each transaction all the way back to the correct account? Or should I not?
Can any one help I have mistakenly saved a wrong deposit and I want to delete it
Let me help you delete the transaction, Solutions D.
You can follow these steps:
I'll add this article to help you manage your deposits: Record and make bank deposits in QuickBooks Online.
Feel free to visit us if you have other concerns. We'll be right here to assist you. Take care!
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