Hi I am trying to record a long term loan but I can not find the Long Term Liability Account anywhere even the Chart of Accounts. Where is it? Thanks

Sahm2 · ‎September 26, 2019

RCV · ‎September 26, 2019

I can help you record a long term loan in QuickBooks Online (QBO), Sahm.

The Long Term Liability account is not automatically set up in QBO. You'll need to manually create in the Chart of Accounts to track loaned amount depending on how long you'll pay them.

You can use the Long-term debt type to track loans and obligations with a maturity of longer than one year. You can also use the Notes payable type to track the amounts your business owes in long-term (over twelve months) loans. If you don't know which Detail Type you'll need to use, I'd suggest contacting your accountant about this one.

Here's how you set up a business loan:

Click on the Gear Icon.
Click on Accounting, choose Chart of Accounts.
Click on New.
In the Account Type drop-down, choose Non-current liabilities.
Under Detail Type, choose Long-term debt or Notes payable.
Then, fill out the information in the Name, Description and Unpaid balance as of fields.
Click Save and close.

For more details about creating a new account, you can check out this article: https://community.intuit.com/articles/1876266.

Once done, you can proceed to Step 2. Enter an opening balance for a loan and Step 3. Record a loan payment

section in this article: Record a loan and its payment.

I have an article here about tracking customer loans: https://community.intuit.com/articles/1761308.

Please reply to this post if you need anything else with recording loans. I'm always here to help.

Sahm2 · ‎September 26, 2019

Hi,

Thanks for the answer.

But I do not have Non-current liabilities, I have (Accrued non-current liabilities), is it the same ?

I also have Long Term Debt, is it the same as long term liability ?

Thanks.

RCV · ‎September 26, 2019

Hello there, Sahm.

When setting up an account, QuickBooks Online (QBO) provides you a brief description of the account you choose. If it fits the loan account you need, then you can select it. However, it would be best to contact your accountant on what Account Type and Detail Type you'll need to use.

Keep us posted by replying to this thread if you need anything else in QBO.

angho721 · ‎April 27, 2020

Can you do this for QuickBooks Online Self-Employed? If not what is my alternative

Catherine_B · ‎April 27, 2020

Hello there, angho721.

For QuickBooks Self-Employed, the option is to categorize the transaction and sort it to Personal or Business type. A way to create accounts is unavailable. You can subscribe to our QuickBooks Online plan for us to do that. Our QuickBooks plans are base on the IRS requirements for the type of business our customers have.

You can check out this article for more details on how categories are assigned and a comparison of our QuickBooks plans.

I'm just here if you need more help. Take care!

riza24 · ‎June 15, 2021

Hi, how can I present in the year end financials the current portion (the one expected to be paid in the coming year) of the longterm loan?