How to Set up a Loan in QuickBooks Online and PRO 2016 and 2017

In order to set up a loan account, simply follow the below-given steps and you will be good to go.

How to Set up a Loan in QuickBooks

  • Login to your quickbooks accounts and navigate to chart of accounts (COA) tab.
  • Now from Accounts tab > choose New.
  • Here Navigate like: Company > Lists > COA.
  • Right click on some empty location. A dialogue box will appear, choose New.
  • From the dialogue box that appears, click on the “others” tab and click the drop down arrow to see more account types.
  • Now click one of the 2 options like whether the loan is Current Liability (Short term) or long term Liability (which will take years to repay).
  • Once selected click on the continue tab.
  • Enter the name and other details. And if it asks for the amount then leave it to “0”.
  • Click close when done.

Now create a Deposit

  • Now under the main menu tab, navigate like Banking > Make deposits.
  • Choose the deposit account.
  • From the tab called “From account”, fill in the name of the account you have created to track loan.
  • Now type the loan amount under amounts tab and click save.
  • Congrats you have successfully setup loan in quickbooks.

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