How to record a loan payment in QuickBooks? Call at 1844-857-4845

How to record a loan payment in QuickBooks? Call at 1844-857-4845

QuickBooks Pro by Intuit is acclaimed financial accounting software. Made especially for small to mid-size businesses, this software has great features for common accounting functions like accounts receivables, accounts payables, financial reporting and credit card management. If you have still not used QuickBooks Pro, then its time that you use it right away, as this software can give your business with lot of benefits. With quickbooks you will easily know not only how to enter rent payments in quickbooks but can also find “How to record a loan payment in quickbooks”.

Though you can use quickbooks with lot of ease and plenty of features but today we will try to find how to record a loan payment in quickbooks. Thus without further adieu let’s jump into find how you can do that:

How to record a loan payment in quickbooks?

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Print your cheques

When your bills are due, you can directly print out a check from QuickBooks. This software records all your transactions and has the option of linking your banking accounts too. Since you can view all your financial records on a single screen, you can discard the use of paper bank statements.

Keep a track of expense billing

If you run a business, then you would need to keep a track of your expenses which have to be later billed to clients. Small and large expenditures like mileage, purchases, meals or international travel can now be easily recorded into QuickBooks Pro. You can also go a step further and save each expense according to the job or customer and enjoy the benefit of not having to manually reconcile your expenses.

  1. Launch QuickBooks. Click the “Lists” tab in the top menu and then click “Chart of Accounts” in the context menu.
  2. Click the “Account” button below the list of accounts. Select “New” from the pull-down menu.
  3. Select “Company,” “Lists” and then “Chart of Accounts.”
  4. Right-click on any location on the list and then select “New” from the context menu. Select “Other” from the accounts list and then lick the down-arrow button to expand the list of available account types.
  5. Click “Other Current Liability” for short-term loans repayable over one year or less or select “Long-term liability” for loans repayable over a longer period. Click the “Continue” button.
  6. Enter a name and reference number for the accounts in the applicable fields. Leave the balance at zero.
  7. Click the “Save and Close” button.

Deposit the Loan Amount

Click “Banking” in the main menu and then select “Make Deposits” in the context menu. If the Payments to Deposit window opens, click the “Cancel” button to close the window.

  1. Select the deposit account for the loan in the Make Deposits window.
  2. Enter the name of the liability account you created to track the loan in the field in the “From Account” column.
  3. Type the loan amount in the field in the “Amount” column.
  4. Click the “Save” button.

Recording Loan Payments

  1. Click “Banking” in the main menu and then select “Write Checks” in the context menu.
  2. Enter the payee name and repayment amount in the applicable fields in the Write Checks window.
  3. Assign the interest element of the loan repayment to your preferred expense account in the detail area of the Write Checks window. Assign the rest of the payment, also known as the principal, to the liability account you created to track the loan.
  4. Click the “Edit” button and then select the “Memorize Check” option if you want QuickBooks to enter this payment automatically at regular intervals and issue a payment reminder.
  5. Click the “Save and Close” button to save the transaction and exit the window.

Hope you have solved your query by now. But if you are still facing issues with quickbooks or looking for further solution then get in touch at our Quickbooks Canada Support at our Toll free number at 1800-940-7442.

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