How do I book a floorplan loan

I've got some steps for you to record your floorplan loan, Deb.

Before we start recording your floor plan loan, please make sure that the appropriate account for the loan allocation has been either created or verified. Once the account is checked or created in your Chart of Accounts (COA), you can create a Journal Entry.

I highly recommend seeking advice from your accountant during the process of setting up an account in the Chart of Accounts and determining the suitable accounts for debit and credit entries in your Journal Entry since it can be tricky sometimes.

You can follow these steps:

Step 1: Create an account in your COA.

1. Go to the Transactions menu within the left navigation panel and choose Chart of Accounts.
2. Click New located at the upper right.
3. Select the Other Current Liabilities within the Save account under, and the Tax form section dropdown.
4. In the Account name field, you can enter your preferred name for your loan.
5. Fill out other fields if needed.
6. Once done you can click Save.

Step 2: Create a Journal Entry

1. Go to the +New icon at the left navigation panel and press Journal Entry.
2. Fill out the necessary details.
3. Review every piece of information you've input.
4. Once done, press Save or Save and Close.

Whenever you're ready to pay the loan, you can create a check and enter the correct details.

You can also visit this website for more detailed information that will help you through the process of recording a loan: Set up a loan in QuickBooks Online.

Furthermore, you can also print a check in QuickBooks Online in case you'd like to use it outside QuickBooks.

Feel free to leave a question or insights in the comment section. We'll be around to provide some help.