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How to record loan to a vendor and then do the payment as cash directly in qbo? Ive found some articles but they all end up paying by bank or cheque. sorry Im new to quickbook and trying to learn it. if i pay them regurly like every week or month how to record that in qbo, thanks in advance.
Don't sweat it, @ahack180-gmail-c. I'm here with all the options your business has available to.
To clarify, do you mean recording the payment as cash in QuickBooks Online? In your case, you can still use the Check feature to record the loan payments and select Cash as your payment account. To enter regular payments with ease, you can schedule recurring transactions instead.
To start, you'll have to set up a liability account to record the loan. Here's how:
Then, follow these steps to create a journal entry to record the loan:
Lastly, you can create a recurring transaction template for the loan repayment.
Check out these articles for more information:
I've also attached an article that might also be helpful for you in choosing what type of transaction should you use in recording your expenses. Check this out: Bills, Cheques, and Expenses.
Tap me again should you have more questions about recording expenses and payables. The Community always has your back.
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