When a small business borrows money for investments like buying new premises, equipments, expansion, or others, then it is necessary to record loan in quickbooks in liability accounts. It helps the accounts professionals to manage the payable amount accurately so that they don’t come through any kind of inconveniences in the business books.
But before you record the loan amount in QuickBooks, it is necessary to know about the technical procedures for how to enter loan in QuickBooks. You may dial phone number for QuickBooks support and get QuickBooks technical support on recording loan deposits that can help QuickBooks user’s record deposits in the form of loan receivable, loan payoff, personal loan, etc. You may also access a contemporary technical guide to learn how to record loan payoff in QuickBooks for your business.
While creating liability account in QuickBooks, you will have to mention all the key points related to the loan and its repayment process. If the loan amount is to be repaid within the same fiscal year, then you need to create ‘Other Current Liability.’ And if the amount will be repaid after the current fiscal year, then you need to use ‘Long Term Liability.’
In addition to it, QuickBooks does also allow the users to record the receivable loan amount in the same way. You can get through the following technical steps to learn how to record a loan receivable in QuickBooks.
Setting Up Business Loan:
- Go to the Chart of Accounts
- Select New
- Set up the account type as per the payment schedule– Other Current Liabilities or Long Term Liabilities
- Provide the details of loan
- Give a name to the loan to identify it specifically
- Click save and next
Recording entering balance for loan
- Click on the Plus Icon and then select Bank Deposit
- It opens up a drop-down menu—you can select the bank accounts where the amount is to be deposited
- Give the date of deposits
- Click Save & Close
Recording the loan repayment details
- Click the Plus icon and choose Check/Cheque
- Give the details of check that you have created against the loan repayment. If you have repay the loan amount through direct withdrawal of EFT, then write Debit or EF in the field
- Click Save & Close
So, these are the procedures that you can use to record loan amount in QuickBooks. Here, you may come through some sorts of technical glitches while recording the loan amount in your QuickBooks. In such conditions, you may dial Intuit technical support phone number to get a real time access to the expert ProAdvisors. You can also get more details on how to record a loan to an employee in QuickBooks.
There is no need to worry as experienced ProAdvisors are providing their expertise to assist the users in several manners so that they can use the accounting software flawlessly.