With advanced features like income and expenses, invoicing and payments, tax deductions, reporting, and track miles, QuickBooks has created its separate and amazing fan base. Undeniably, QuickBooks ensure top-notch services and amazing updates, yet the users do face different sorts of technical issues associated with it. Like, many times, users do put up questions like how to void a check in QuickBooks, which appears to be not a tough process. However, users keep on facing technical snags when they try to add a loan to QuickBooks. Now, if you are stuck, all you are expected to do is to follow and implement the steps that are explained here. Go through this blog to find out how to record a loan deposit in QuickBooks?
Frequent and Common Ways to record a loan in QuickBooks
If you are confused and want to find out how to record a loan deposit in QuickBooks, all you are supposed to do is to follow and implement the steps that are explained here:
- First of all, you are supposed to separate the Loan into two components, payment on principal and interest payment.
- Then, you should click on the ‘record deposit’ icon, which is in the banking section of the home screen.
- Now, you should choose the proper account for loan repayment and the date of the payment.
- Now, you must enter the customer’s name and then select the Loan that you have created and type a memo if required.
- You should choose the payment method and type the check number if the payment was a check.
- Then, you must enter the amount of the Loan, which corresponds to the payment of the loan principal.
- After that, you are supposed to click on enter, which is on the second line of the Deposit.
- Then, you must enter the customer’s name, select an interest income account, and then enter the amount of the payment for interest.
- After that, you should complete the remaining fields with the complete information that you have entered in the first line.
By following the above-stated steps, you can simply find out how to record a loan in QuickBooks?
How can I record loan Payments in QuickBooks?
To seek how to record a loan in QuickBooks, all you are expected to do is follow and implement the steps that are explained here. You can simply record both cash and non-cash asset loans by following the steps that are explained below:
Record a Cash Loan in QuickBooks
- First of all, you are supposed to go to the Banking menu
- Now, you are required to click on make deposits
- After that, you should choose to cancel if any new window is titled payments to deposit opens
- Now, you must enter all kinds of relevant details in the make deposit window
- Choose the account to deposit the Loan into the Deposit to field
- Now, you must choose the date and type in the memo
- Now, from the account, and then choose the liability account created in order to track the loan payment
- Then, you must enter the loan amount in the amount column
- And then, you must click on the Save and close button
Record a Non-Cash Asset loan in QuickBooks
To find out how to record a loan in QuickBooks, all you are supposed to do is to follow and implement the steps that are:
- First of all, you are supposed to create a new Asset account
- Now, you should right-click on a blank space, and then you should select new
- After that, you are supposed to choose the type of account:
- Fixed Asset: In case the assets were taken as loans have long term value and then chose this option
- Now, for other current assets, which refers that the value of it could be easily converted into cash and should be recorded through this type of account.
- And then the other assets, now if the item wouldn’t meet the criteria for ant of the two above accounts types and then choose the other assets.
- You should click on the continue button.
- Next, you must enter the name and number for this asset account.
- You should click on the save button and then close it.
By following the above-stated steps, you can simply find out how to record a loan deposit in QuickBooks Desktop?
Alternative Ways to Record a Loan Payment in QuickBooks
To find out how to record a loan in QuickBooks, all you are supposed to do is to follow the steps that are explained below:
- First of all, you are supposed to move to the banking menu.
- And then, you should click on the write checks.
- Now, you must click on the dropdown menu, and then you should choose the bank account through which you will pay the Loan.
- Next, you should verify both that is check number and date.
- After that, you must choose the name of the bank from the pay in order to field
- Move to the expense tab and then select the liability account for loan repayment, which is on the first line.
- You must choose the interest expense account if you want to record the interest amount, which is on the second line.
- After that, you should click on Save and close.
By following the above-stated steps, one can simply find out how to record a loan in QuickBooks?
How can I record a loan receivable in QuickBooks?
If you want to find out how to record a loan in QuickBooks, all you are supposed to do is to follow the steps that are given below:
- First of all, you are supposed to go to the banking menu.
- And then, you should click on the make deposits.
- Now, you must associate a payment through the payments in order to deposit the window.
- You are expected to enter the name of the customer company/employee who is paying back the Loan.
- Now, you must select the asset account that you have created, and then you must enter the amount that has to be paid to the debtor.
- Then, you should enter the name of the debtor.
- And then, you must choose the interest account which is created for recording interest received from loan repayment.
- Now, you must enter any additional fee received which is associated with the right account.
- You must hit the save and close button.
By following the above-stated steps, you can simply find out how to set up a loan in QuickBooks?
How can I enter or add a loan in QuickBooks?
If you want to find out how to enter a loan in QuickBooks, all you are supposed to do is to follow the steps that are given below:
- First of all, you are supposed to add the loan account to the chart of accounts in QuickBooks
- Now, you must open up the chart of accounts by using the list tabs which is on the top menu bar
- And then, you should click on Ctrl and N in order to create a new account
- As the new window opens, you must look under the assets and liabilities section and then click on Loan
- And at last, you are supposed to click on the continue button
By following the above-stated steps, you can simply find out the ways to add Loans to QuickBooks Online.
Read this blog if you want to find out how to record a loan deposit in QuickBooks on your desktop. Check out this blog if you are stuck and want to add or enter a loan in QuickBooks.
