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The course concludes with a discussion of how to track loans and use the budgeting feature to better plan and control your business. This course is designed for those who already have a good grasp on the basics of this program or have successfully completed the Introduction to QuickBooks course.
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Enter loan payments regularly to ensure that your company’s accounts are up to date at the end of each fiscal period. References (3) QuickBooks: Set Up a Liability Account For a Loan
From the menu bar, select Banking, Loan Manager. Click Add a Loan and complete the information as displayed here: Complete the account information for the loan. In the Account Name drop-down list, select the long-term liability account for the loan. In the Lender drop-down list, select the payee. Enter the loan Origination Date.
Record every loan the company makes in QuickBooks, such as a loan to a customer to pay off his accounts receivable balance. Create a loan account to track the loan and enter the transaction that grants the loan. Adjust other accounts, such as accounts receivable, depending on how the loan was used. Create the loan.