How to Setup Loan In QuickBooks
QuickBooks is the accounting software that manages the mid-sized businesses efficiently. However, sometimes businesses occasionally need to borrow money to fund capital investment such as development, research over product, new premises and equipment. This borrowed money should record as a loan or liability in your account and keep track over loan payment to calculate the reduction of liability after each repayment. QuickBooks optioned you to setup liability account (current or long term). QuickBooks maintains all the records such as opening balance, interest and managers accurate balance sheet. For setting up loan account Enterprise Suite edition call QuickBooks Enterprise Contact Number for help & assistance.
Steps to setup loan In QuickBooks Desktop
1: Add a loan amount
• Go to menu tab and click on the ‘lists; option, then click on ‘chart of accounts’.
• Then from list of accounts, click “account” option and select ‘new’.
• Click to select ‘company list’ and ‘chart of accounts’.
• Now press right- click on the list and choose ‘new’. Then select ‘other’ option and use drop-down option to export the list of account types.
• Then click on ‘other current liability’ to select ‘term’ (short term or long term payables), then hit ‘continue’ option.
• In provided field, input the account name and reference number. Leave the account balance at zero.
• Then press ‘saves’ and ‘close’.
2: Deposit the loan amount
• First, go to the main menu, select ‘banking’>’male deposits’.
• Then from the ‘make deposit’ window, click on the ‘deposit account’ for loan.
• Now type the ‘liability account name’ under the ‘from account column’ to track the loan.
• Then enter the amount of loan in the provided field. Then click to save the above details.
3: Recording loan payment
• Proceed to ‘banking’ tab from the main menu and click to select the ‘write checks’ option.
• Then mention/input the ‘payee name’ and ‘repayment amount’.
• Also assign the interest element of the loan repayment under ‘write checks’ window. Also mention the principal associated with the loan.
• Then select ‘memorize check’ option from ‘edit’ tab in order to input the above assigned repayment automatically at regular intervals.
• After that click save and close to save the transaction successfully.
Help For Loan Account Setup in QuickBooks Pro, Premier, Enterprise
QuickBooks handily manages all your loan details and repayment transactions as well as maintains all records correctly. In case of any help or problem while performing the above steps then you can dial QuickBooks Support Number toll free number +1347-967-4079 or seeks online chat support by experts/professionals that will handily resolve all your persisting problems/doubts regarding the loan setup.
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