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S
Shuru
September 20, 2021
Question

Recording a loan taken by an employee the second time after repaying the first loan.

  • September 20, 2021
  • 1 reply
  • 0 views

Hi,

The employee has paid his first loan and his second loan has been approved and paid. How do I record this loan?

chart of accounts, then new, in account type I select current asset ( I can't find other current asset ), in detail type I select loan to officers and save and close.

Is my process correct? Every time the same employee takes loan we have to create a separate account in chart of accounts. Please correct me if I am wrong.

1 reply

I
IntuitSheila
September 20, 2021

Hi Shuru,

 

If this is an amount you've loaned to an employee, you can use the current asset in the Account type field when creating a new account to track the loan amount.

 

Once done, you can set up a deduction category for the repayment if you're using the QuickBooks Online Payroll. If not, create an Expense transaction and use the account created to offset the amount.

 

Also, you can check this article to learn more about how to Set up a loan in QuickBooks Online.

 

Message us back if you need more help with QuickBooks or click on the Help menu in QuickBooks Online and click Contact Us. Have a great day!

 

 

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