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J
JMMFL
December 20, 2023
Question

New Quickbooks Cutomer has an old loan - how to add it in an new QBO account?

  • December 20, 2023
  • 1 reply
  • 0 views

I'm starting up a new Quickbooks online account for a customer that has several ongoing loans. The money from the loans was disbursed in previous years. The customer is still paying on the loan. It is an MCA loan. Their previous set of books shows the MCA loan as owing $6520.38  With the advance of $7673.76 and the fee is -$1153.38.
I have set up several Other Current Liability accounts like I do for the MCA loans other clients have originated as follows:
 Main Loan1
       Main Loan1 Advance
       Main Lian1 Fees

 

Normally I would deposit the loan money to the Advance for  $110,000  with a second line for the Fees of -$10,000 for a total deposit of $100,000. Then account for each payment with ledger entries for the advance and fees. How do I initialize this loan since it is ongoing and the deposit was made last year?

 

1 reply

J
jeanbiverly_
December 20, 2023

I'm glad to have you here in the Community, @JMMFL. 

 

Let me guide you through adding an old loan to a new QuickBooks Online account. You can record the deposit and adjust it for interest. Here's how:

 

  1. Go to +New, then select Bank deposit.
  2. Choose the account you used to fund the loan from the Account dropdown.
  3. On the first line, from the Received from dropdown, pick the name of the customer with the loan.
  4. Choose the Undeposited funds account from the Account dropdown.
  5. From the Amount dropdown, input the amount they paid. If you charge customers with interest, on the second line, select the account you use to track interest income and enter the amount of the interest.
  6. Complete the rest of the fields accordingly.
  7. Click Save and close.

 

For more detailed information, you can visit this article: Track customer loans in QuickBooks Online.

 

Just in case you want to track bills and record the payments, you can check out this article for more guidance: Enter and manage bills and bill payments in QuickBooks Online.

 

Please let me know by replying below if you need further assistance with your customer's loans. I'm always available to help.

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