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How to Add A Loan in QuickBooks Desktop
To create loan count there is a option for charts of account where new account can be made.a loan account should be made before we use QuickBooks.
Then the loan amount must be deposited before we go to the banking option in the main menu then we will make the deposits where all the context would be written.
So we will have to write the cheques before the loan is approved or given.
Steps to add a Loan in QuickBooks
Total Time: 11 minutes
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Step One: Loan Deposits
To make the deposit before adding the loan there is a option of Make Deposits under the banking option. All the information like the name of the nominee the loan is registered with and the amount as well as the from account needs to be mentioned before saving.
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Step Two: Payments Recorded for Loan
In the banking menu you will see the option of write checks .All the details like payment amount, preferred expense .For editing always select memorize check to keep the records of the loan check and other details.
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Step Three: Loan Transactions
The loan amount should be recorded with the amount needs to be given to the customer.In QuickBooks the section with banking needs to be added with all the information like name,address, loan details should be entered and then click on save.
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To Create A Liability Loan Account in QuickBooks Desktop
Below are the steps to create a liability loan account in QuickBooks, perform each step carefully:
- Open QuickBooks. Go to the “Lists” tab and then select “Chart of Accounts” which in the context menu.
- Now, go to the list of account, click on the “Account.” Click on “New” after scrolling down the menu.
- Now, click on the “Company,” then “Lists” and then click on the “Chart of Accounts.”
- Now, go to the location list, right click on it and then click on “New” from the context menu. Now, from the accounts list, click on the “Other” and then click down the arrow-key to expand available account type.
- Now, select “Other Current Liability” the liability is for short-term loans and then you can repay for less or even more than or you can click on“Long-term liability” or for loan you can repay for over long period of time. Now, select continue button.
- Enter the name and reference number in the applicable fields. You are to leave the balance at zero.
- Now, click on “Save and Close”
How to Deposit the Loan Amount in QuickBooks Desktop
Below are the steps to deposit the loan amount in quickbooks, You need to perform each step precisely:
- Go to main menu and then “Banking” then selects“Make Deposits” from the menu. Now, open the deposit window and then select “Cancel” and the window will be closed.
- Now, click on the deposit account to make loan for it.
- Now, enter the loan for liability account that you have created. Here, you can track the loan in “From Account”
- In the “Amount” column, type the loan amount.
- Now, select “Save”
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