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Undercovernista
July 22, 2022
Solved

Categorising Loan Income & Payment

  • July 22, 2022
  • 1 reply
  • 0 views

Hello,

 

How do I categorise Loan income and loan payments in the Self Employed version of Quickbooks?

 

Thanks in advance

 

Paula

Best answer by Ashleigh1

Hello Undercovernista, 

 

Welcome to the Community page, 

 

Here is link to help you with regards to categories. You could put it down as bank, card and other financial charges, Box 26 in your account.

1 reply

A
Ashleigh1Answer
July 22, 2022

Hello Undercovernista, 

 

Welcome to the Community page, 

 

Here is link to help you with regards to categories. You could put it down as bank, card and other financial charges, Box 26 in your account.

H
Henne01
September 23, 2023

Hi

I have the same query and do not feel that the reply specifies accurately the categorising of a Loan as Income nor a Loan Repayment, please advise further for application in QBSE. There is a description for a different process on Quickbooks Online which sounds accurate, but the same facility doesn't seem available on QBSE, is that so?

many thanks

M
Maybelle_S
September 23, 2023

I can help you categorise loan income and repayments in QuickBooks Self-Employed (QBSE), Henne01.

 

In QBSE, you can record and categorise your loan as Personal Income. I can guide you in doing so.

 

  1. Go to the Transactions menu.
  2. Click the Add Transaction button.
  3. Enter the Loan details.
  4. Choose Personal in the Type column.
  5. From the Category column, select Income.
  6. Hit the Save button.

 

Once you start paying the loan, the payment for the loan capital will be categorized as Repayments of Loans. Then, assign Interest on loan for the interest paid.

 

Additionally, QuickBooks Online (QBO) is a comprehensive accounting solution for small to medium-sized businesses, offering features like invoicing, expense tracking, inventory management, payroll, and financial reporting. It supports multiple users and caters to complex accounting needs. While, QBSE is designed for freelancers, independent contractors, and self-employed individuals. It simplifies income and expense tracking, estimated tax calculations, and mileage tracking.

 

Leave your comments below if you have other questions about tracking your self-employed-related transactions. I'm always here to help.

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