Let me assist you in recording your loan payment. If you do not know the way to record a loan payment in QuickBooks. Then you’re at the right place here you’ll find the steps to record loan payment in QuickBooks with easy methods.
Knowing the way to enter a loan payment in QuickBooks can assist you to trace loan payments and associated interest. During this post, we’ll discuss the steps to record a loan payment in QuickBooks 2017. Within the first place, you would like to make a loan account and enter the loan into the appliance. You’ll also create a journal entry for a loan, but it takes an honest knowledge of accounting, and if not done properly, you’ll get discrepancies in your accounting. Read the post until the end!
How to Record A Loan Payment In QuickBooks?
If you would like to find out the way to enter a loan payment in QuickBooks, then you would like to make a loan account within the first place to enter the loan. QuickBooks Online enables you to make a liability account to record the loan and its payments. Whenever you would like to record a loan payment and related interest or fees, you’ll get to create an expense account:
To Create An Expense Account:
- First of all, attend the Create icon then select Expense.
- Now within the Payee field, enter the name of the business or person you received the loan from.
- Then, select the checking account holding the loan that you’ll use to form payments using the Payment account drop-down list.
- Next, mention the Payment date and choose the payment method using the drop-down.
- You’ll also enter any identifying number for the payment receipt using the Ref no. field, but this step is optional.
After creating the travel and entertainment account, you’ll need to enter the payment, interest, and bank feeds as separate line items within the Category Details section.
To Record The Loan Payment:
- Select the primary line.
- Now from the Category dropdown, select the account you used for loan tracking.
- Next, enter the complete amount of the loan payment within the field named Amount.
- To proceed on the way to enter a loan payment in QuickBooks, you’ll need to record the interest.
- Into Record Interest:
- To record the interest associated with your loan, you’ve got to pick the second line.
- Now from the Category dropdown, select the account you used for tracking loan interest.
- Within the Amount field, enter the entire amount of the interest paid.
In the same progression on the way to enter a loan payment in QuickBooks, you’ll also get to record the fees incurred from the bank.
To Record Any Bank Fees:
- Attend the third line.
- From the Category dropdown, select the account utilized in tracking bank fees related to your loan.
- Now within the Amount field, enter the entire amount you’ve got paid.
In the end, select save and shut or save and new supported requirements to accomplish the task.
Need To Reach Out A QuickBooks Expert?
This post elaborates on the way to enter a loan receivable in QuickBooks. If you face any trouble in performing the steps or produce other doubts in your mind, dial our helpline number 1800-993-4190 and obtain all of your doubts answered by experts. On connecting, you’ll ask the expert, the way to enter a loan payment in QuickBooks fail-safely, and you’ll get the foremost relevant solution to urge the task accomplished.
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