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jmkentel
May 1, 2020
Question

How do you set up a loan?

  • May 1, 2020
  • 1 reply
  • 0 views
The steps to set up a loan in the help menu do not match what is on my QBO account. So I am not sure how to do it. The steps indicate that there will be 2 fields in the setup - one for amount, and one for balance but there is only 1 field?!

1 reply

L
LauraAB
May 1, 2020

Hello, jmkentel,

 

Great job finding the article about setting up a loan in QuickBooks Online and I love your attention to detail. This is a great quality to have to make sure things are calculating and recording as they should in your books.

 

I've taken a deep dive into this because, you're right, the Amount field mentioned in step 7 of the article's "Step 1: Set up a liability account to record what you owe" section isn't in the program. When I didn't see it in my own test account, I did some research and discovered that the Amount field isn't available in QuickBooks Online Canada accounts. I'm going to be submitting a content request to get the article updated.

 

What this means for you and setting up your loan account is that you can simply skip that step and continue your setup following along with the rest of the article.

 

Feel free to give us a shout if you come across something like this again! Our goal is to provide accurate instructions for you to manage your books as easily as possible.

 

Have a great weekend!

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