How To Enter Loan In Quickbooks Register

Click ctrl and n to create a new account.

How to enter loan in quickbooks register. Enter the same loan amount in the debits column. Remember in accounting there are two types of loans. To book the loan interest first make the payment in quickbooks to the loan. If the payments to deposit window opens click the cancel. Enter line one to the loan account being paid this is the principal enter line two to an interest expense account this is the interest save down the check.

Once we re done with that we ll go in and look at the loan manager that quickbooks has. When the new account window opens look under the assets and liabilities section click on loan and click continue. There are the short term or the other current as quickbooks calls them and you ll see several of those over here. On the second line select the appropriate bank account from the account dropdown. Proceed to the account register below.

Enter bank transactions into the quickbooks check register to enter a new transaction click on the drop down menu immediately beneath column headers in the check register and select either check or deposit. Open up the chart of accounts by using the lists tab on the top menu bar. When the check is written in quickbooks each month this is when i would use a quickbooks memorized transaction to save time by the way you split the transaction into three separate lines. This puts the entire loan amount into your bank account. We can enter the transaction into quickboosk check register by using the split function and charging the equipment account for the full purchase price and charging a loan payable for the difference between the purchase price and amount paid.

Deposit the loan amount to deposit the loan amount click banking in the main menu and then select make deposits in the context menu. But for now let s go ahead and get into setting up loans. This is section one. For more accounting information see accounting website. Open the write check window ctrl w enter the bank name date and amount.

Whenever you record expenses or purchases you can select your bank account as the payment account.