Question

Record a QuickBooks Line of Credit loan in QuickBooks Online

Forum|Forum|2 years ago
May 18, 2024
1 reply
0 views

I have used this help doc (https://quickbooks.intuit.com/learn-support/en-us/help-article/liabilities/record-get-paid-upfront-loan-quickbooks-online/L2KxkzVCy_US_en_US?uid=lwcf164o), but cannot get past Step 5 ("Find the payment and check the box") in Step 2, within Step 2. The payment does not exist in the Create Deposit window, even though the Journal Entry does. Is this because QB intercepted the payment and automatically applied it to pay off the loan (as it should do)? In the meantime my QBO bank totals are getting further out of alignment with my bank totals. I have spent over 2 hours with QBO tech support and talked with 5 different support techs and no one can seem to solve this. Any ideas for resolving this would be helpful.

QuickBooks Online

R

RoseJillB

I can't imagine the hurdle that you've been through in recording a QuickBooks Line of Credit loan in QuickBooks Online, @rb49. I'm here to provide assistance and get your transactions recorded.

To make the customer payments be available on the undeposited funds, we'll have to record its payments first by following the steps below:

Go to the + New icon and select Received Payment.
In the Customer dropdown, select the name of the customer who made the payment.
Choose a Payment Method, and select the Deposit to account where you put the money into.
Select the invoice you're recording the payment for in the Outstanding Transactions section.
Enter additional information such as the Reference no. and Memo if necessary. Then, click Save and close.

After you record the payment, this will temporarily be posted to the undeposited funds. With that, you can continue clearing the payment from the said account and offset this with the journal entry you previously created. I'll show you how:

Go back to the + New icon and select Bank Deposit.
Select the Bank in the Account dropdown, and the Date when the payment was received.
Mark the box for the associated payment, locate the Journal Entry for the same amount, and check the box. The deposit should show $0.00. Then, select Save and Close.

Let me know if you require further assistance in managing your QuickBooks transactions. The Community always has your back. Stay safe!

T

tomrj60

this does not tell how to record a line of credit into quickbooks online

I

IrizA

Hello there, tomrj60. I'm here to clarify some things and to share a solution based on your concerns.

Before we begin, please understand that recording a credit loan and a line of credit are two different processes. When recording a QuickBooks Line of Credit loan, you should wait until the invoice has been funded before recording it. This way, you can accurately track your liabilities and expenses in QuickBooks. To record it, you can use the steps provided above.

However, if you need to record and manage your line of credit, you can follow the steps below:

Step 1: Create an account for Line of Credit and Interest Paid within your Chart of Accounts.

Go to the Gear icon located at the upper right corner and choose Chart of Accounts.
Press the New option.
Fill out the necessary details, such as the Save account under dropdown, Tax form section dropdown, and Account name field.
Once done, press Save.

For step 2, you can follow the steps in this article and scroll down until you see the Pay with a paper check and Pay with a debit credit card: Manage a line of credit in QuickBooks Online.

It's also best to seek advice from your accountant whenever you find any confusion when setting up your account in your Chart of Accounts.

You can also connect your bank and credit card accounts to QuickBooks Online so that your transactions will automatically download.

Feel free to notify us whenever you need some assistance with any QuickBooks-related concerns. We still have your back.

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