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Dec 13, 2024 2:27 PM UTC
Question

I already have financing. How do I add my own financing in QB Essentials?

I already have financing. How do I add my own financing in QB as a term loan?

1 reply

Dec 13, 2024 3:46 PM UTC

Good Morning KIMatJandT,

 

Welcome to the QuickBooks Community! I will be delighted to assist you in recording and tracking a loan in QuickBooks Online. You can set up a liability account to record the loan and its payments. This account tracks what you owe. Here's how:

 

  1. Go to Settings Settings gear icon., then select Chart of accounts .
  2. Choose New to create a new account.
  3. From the Account Type ▼ dropdown, select Long Term Liabilities, then select Notes Payable from the Detail Type ▼ dropdown.
    Please Note: if you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities Account Type ▼ dropdown, then Loan Payable from the Detail Type ▼ dropdown instead.
  4. Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."

 

From there you would have to determine the loan balance and record the loan repayments, which can be found in this detailed article below:

 

 

Please let me know if you need clarification on any of the steps! My team and I are here to help. Happy holidays!