Taking loans for starting out a business is not so uncommon these days. The Small Business Administration or SBA or said that nearly every small business which is working with less than 500 employees requires 10,000$ for starting up. You do not need to use your personal savings for the matter. Most people choose to take a small loan from a financial institution, family, friends or private lenders. It is very important that you be aware of all the loan payments and their deadlines. That is where QuickBooks comes into play. QuickBooks allows you to manage and record loan payment.
If you need any assistance with recording or managing your loan payment, connect with the Intuit certified QuickBooks Professionals. Pick your phone and dial the toll-free QuickBooks Technical Support Phone Number +1866-656-1012 and speak with some of the most knowledgeable QuickBooks Experts.
How To Add Your Loan To QuickBooks?
For tracking your loan payments, you must first add the loan amount into your QuickBooks account. Follow these steps for adding the loan amount in your QuickBooks:
- Open your QuickBooks and login into your account.
- Go to the top of the page and click on the gear icon.
- Click on Chart Of Accounts.
- Now, click on New then select either Long-Term Liabilities or Other Current Liabilities for the account type.
- Go into Detail Type and click on Loan Payable.
- Type in the name of the account.
- Click on Save and Close for finalizing the process.
You have successfully created a loan in your QuickBooks. Now, we want to add an open balance to it. Follow these steps for adding open balance:
- Go back to the home screen of your QuickBooks.
- Tap on the (+) icon which you can find at the top of the page.
- Go to the Other Menu and click on the Bank Deposit
- A list of accounts will appear on your screen. Choose one of the accounts from which you want to make the loan payments.
- Go to the Account field and select the payable account and type in the payable amount.
- Click on Save & Close.
How To Record Loan Payment In QuickBooks?
Now that we have created a loan payment in QuickBooks, we can start to record the loan payments.
Note: If you are stuck on any step or if you are not able to understand any step, do not hesitate and contact the QuickBooks Experts.
- Go back to the home screen of QuickBooks and click on the (+) icon again.
- Go to Vendors > Check.
- Type in ETF in the text field if you are utilizing Electronic Funds Transfer. In case, you are utilizing a physical check for making the loan payment, type in the check number in the text field.
- A few prompts will open up on your screen. Enter the appropriate information in all the prompts.
- You will have to provide the loan amount, amount of your payment, loan’s interest, any other charges related to the loan.
- Make sure that you have entered all the correct information.
- Click on Save & Close.
Get QuickBooks Tech Support Services
We hope that you were able to record loan payment in your QuickBooks. If you are stuck on any step or want to contact us about the procedure, dial the toll-free QuickBooks Technical Support Phone Number+1866-656-1012. Our website is full of such informative articles. Just click on the search button and type in the topic that you want to read.