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July 7, 2021
Question

I have a lowes credit card and one of the charges that is on it is for an 84 month loan. How do I enter this through the banking/transactions section?

  • July 7, 2021
  • 1 reply
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1 reply

MaryLandT
July 8, 2021

I'm here to help record the loan charges from the Lowes credit card in QuickBooks, lm40.

 

You'll first need to set up a liability account to track the loan and its payment. Let me show you how:
 

  1. Go to Settings ⚙, then Chart of Accounts.
  2. Click New to create a new account.
  3. From the Account Type ▼ dropdown, select Long Term LiabilitiesNote: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
  4. From the Detail Type, select Notes Payable.
  5. Give the account a relevant name.
  6. Enter the full loan amount as a negative amount. This sets up the liability account with the full loan amount.
  7. Click Save and close.

Once done, you can record the loan amount and its payment. Please refer to this article and follow Steps 2 and 3 for instructions: Learn how to record a loan in QuickBooks Online.

 

Your next step is to review your transactions to make sure they match with what's in the bank and credit card statements. In addition to this, you can reconcile those bank accounts so accounts are balanced and accurate.

 

Don't hesitate to leave a comment below if there's anything else you need about entering loan charges in QuickBooks. I'm always right here to help you.