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

Inorder to setup a loan account, simply follow the below given steps and you will be good to go.

How to Set up a Loan in QuickBooks

1. Login to your quickbooks accounts and navigate to chart of accounts (COA) tab.
2. Now from Accounts tab > choose New.
3. Here Navigate like: Company > Lists > COA.
4. Right click on some empty location. A dialogue box will appear, choose New.
5. From the dialogue box that appears, click on the “others” tab and click the drop down arrow to see more account types.
6. 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).
7. Once selected click on the continue tab.
8. Enter the name and other details. And if it asks for the amount then leave it to “0”.
9. Click close when done.

Now create a Deposit

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