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S1T9E9V4O
June 6, 2024
Question

How to record loan repayment with a payment received

  • June 6, 2024
  • 1 reply
  • 0 views

Good Afternoon,

 

So I recently took out a loan which i have set up in my charts of accounts.

However the loan is repaid as a percentage through ebay everytime I sell something on there.

 

So lets just say I sold something on eBay for £120, they then automatically send the loan company the £20 repayment on my behalf and then me the £100. How do I match the sales receipt for the full amount of £120 AND record the £20 repayment on the £100 transaction alone in I have in quickbooks?

 

Any help appreciated, and happy to explain anything further if i've not made too much sense of it haha.

 

Thank you,

Steven

1 reply

C
CharleneMaeF
June 6, 2024

Thank you for choosing the Community forum to help with your loan repayment question, S1T9E9V4O. I'm here to assist you in matching the sales receipt to the full amount with repayment.

 

In QuickBooks Online (QBO), we can use the Resolve difference feature to help match a sales receipt and bank transactions with a different amount due to repayment.

 

Once the £100 transaction (the  £20 will be automatically sent to the company loan) is downloaded to your QBO account, we can start matching it with the sales receipt. Here are the steps to follow: 

 

  1. Go to the Transactions menu and select the Bank Transactions tab. 
  2. Locate the £100 transaction and then click Match. 
  3. Select the sales receipt and turn on the Resolve Difference option. 
  4. Choose the liability account for the loan.
  5. In the VAT column, choose the appropriate option.
  6. Ensure the details are correct.
  7. Click on Match.

 

Alternatively, we can manually add the transaction instead. Beforehand, exclude the £100 entry to avoid duplicates. I'll show you how:

 

  1. From the Transactions menu, select the Bank Transactions tab. 
  2. On the For review tab, tick the checkbox beside the transaction.
  3. Hit Exclude.

 

Once done, you can record the repayment by following Step 3 in this article: Set up a loan in QuickBooks Online.

 

Additionally, it's recommended to review and reconcile your accounts periodically. Doing so ensures that your records are up-to-date and free of errors.

 

I'm here to assist you with any future concerns you may have regarding managing loans and repayments in QuickBooks. I'll be happy to help you out.

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