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DTownsend
September 16, 2022
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Customer Loan Repayment

  • September 16, 2022
  • 1 reply
  • 0 views

I agreed to accept repayment for a loan in the form of consultant services hours.  (The customer provided services equivalent to the loan).  How do I record this type of repayment in QBO?

By the way,  should I have set it up as an other asset account?  I gave them a check.

 

Darliene

 

Best answer by Angelyn_T

Hi there, @DTownsend. I can help you record the loan repayment in QuickBooks Online (QBO).

 

You can use a barter account to track your transactions. First set up the account.

 

  1. Go to the Gear icon, then click on Chart of accounts.
  2. Select New to create a new account.
  3. Under the Account Type dropdown, select Bank.
  4. Under the Detail Type dropdown, select Cash on hand.
  5. Enter the account name. (ex. Barter Bank Account)
  6. Hit Save and Close.

 

When you issue the loan amount to your customer, you can create a check using the account created. Every time your customer renders a service to pay the loan, you can record a deposit and track the amount on the barter account to deduct the loan amount.

 

To record a deposit:

 

  1. Go to the +New icon, then Bank Deposit.
  2. Fill in the details.
  3. Save the transaction.

 

I'm also adding this link for more tips about recording barter transaction in QuickBooks: Record a barter transaction.

 

You can also get more hints while handling loans in QBO from this article: Set up a loan in QuickBooks Online.

 

Leave a comment below if you have follow-up questions about loan repayment. I'm always here to help. Have a good one!

1 reply

Angelyn_T
Angelyn_TAnswer
September 16, 2022

Hi there, @DTownsend. I can help you record the loan repayment in QuickBooks Online (QBO).

 

You can use a barter account to track your transactions. First set up the account.

 

  1. Go to the Gear icon, then click on Chart of accounts.
  2. Select New to create a new account.
  3. Under the Account Type dropdown, select Bank.
  4. Under the Detail Type dropdown, select Cash on hand.
  5. Enter the account name. (ex. Barter Bank Account)
  6. Hit Save and Close.

 

When you issue the loan amount to your customer, you can create a check using the account created. Every time your customer renders a service to pay the loan, you can record a deposit and track the amount on the barter account to deduct the loan amount.

 

To record a deposit:

 

  1. Go to the +New icon, then Bank Deposit.
  2. Fill in the details.
  3. Save the transaction.

 

I'm also adding this link for more tips about recording barter transaction in QuickBooks: Record a barter transaction.

 

You can also get more hints while handling loans in QBO from this article: Set up a loan in QuickBooks Online.

 

Leave a comment below if you have follow-up questions about loan repayment. I'm always here to help. Have a good one!

    D
    DTownsendAuthor
    October 10, 2022

    This response worked perfectly.  It was simple and streamlined.  Thank you for your expertise!

    DivinaMercy_N
    DivinaMercy_N
    October 10, 2022

    You're always welcome, @DTownsend!

     

    I'm glad to know that the recommendations provided by my colleague help you achieve your goal.

     

    Please don't hesitate to post again here in the Community if there's anything else you need about managing your loans in QuickBooks Online (QBO). Take care, and have a good day ahead.

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