How to Record a New Loan and Loan Payments in QuickBooks Online
Navigating loan entries in QuickBooks Online can sometimes be confusing, especially when it comes to recording received loans and their subsequent payments. In this, I'll walk you through the process of accurately recording a loan and managing its payments within QuickBooks Online. What You'll Learn: Recording a Loan: Discover how to record a loan received by your business, using an SBA loan as an example. Learn how to correctly enter the deposit in your bank feeds and set up the loan as a long-term liability in QuickBooks. Managing Loan Payments: Understand how to manage loan payments, distinguishing between principal and interest, and ensuring they are correctly applied to your loan balance. Adjusting Old Loans: Tips for adjusting loans that were not initially logged correctly in QuickBooks, including how to find the original loan entry. This tutorial is perfect for small business owners, bookkeepers, or anyone dealing with business loans in QuickBooks Online. Whether you're new to managing loans in QuickBooks or need a refresher on best practices, this video provides the insights you need to streamline your financial management and maintain accurate records. Read the blog version with step-by-step instructions and screenshots at: https://www.gentlefrog.com/how-to-rec... Please like, subscribe, and comment! Contact Rachel for one-on-one assistance: http://www.gentlefrog.com/meeting/ Are you a small business owner struggling to make sense of your QuickBooks data? Sign up for my FREE Review Your QuickBooks Mini-course and learn how to keep your QuickBooks accurate, up-to-date, and free from costly errors: https://courses.gentlefrog.com/review... ☕ If you found this video helpful you can say "thanks" by buying me a coffee... https://www.buymeacoffee.com/gentlefrog Connect with Rachel on Facebook: / gentlefrogllc Try QuickBooks Online for free for 30 days: https://bit.ly/3gXpv3b Already know you want QuickBooks Online? Buy now and save 30% on your first 12 months: https://intuit.me/3gZ0q85 Check our reviews: https://www.gentlefrog.com/reviews/ Timestamps 00:00 - Intro 00:27 - New loan in the bank feeds 01:25 - Create loan account 02:39 - Your loan on the Balance Sheet 03:27 - Payments in the bank feed 03:58 - Fix an old loan 04:58 - Outro #quickbooksonline #bookkeepingtips #loans #loanbookkeeping #loanpayments This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Gentle Frog, LLC does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Gentle Frog, LLC does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
