QuickBooks Tips: Learn how to record a loan in QuickBooks Online

Taking out a business loan? Make sure it’s recorded properly in QuickBooks Online to keep your books accurate. Here’s how: Go to the Transactions tab and select Chart of Accounts. Click New, choose Liabilities, then: Select Other Current Liabilities if the loan will be paid off within a year (Loan Payable as the detail type). Select Long Term Liabilities if the loan extends beyond a year (Notes Payable as the detail type). Name the account (e.g., "Business Loan") and save it. When you receive loan funds, record it as a Deposit to your bank account, categorizing it under the loan account. When making loan payments, categorize the principal under the loan account and the interest under Interest Expense. This ensures your loan balance and payments are correctly tracked for financial accuracy. Call or text me for help 407-455-0957. #QuickBooksTips #BusinessLoans #Bookkeeping #SmallBusinessFinance #FinancialTracking