How to Record a Loan & Fixed Asset in QuickBooks Online (Step-by-Step)
Get 30% off QuickBooks for 6 months when you sign up through my affiliate link: quickbooks.partnerlinks.io/uixlt4lvoist In this video, I’ll walk you through how to record a loan and a fixed asset in QuickBooks Online (QBO)—step by step. We’ll go over two different methods, how to record loan payments correctly, how to split principal vs interest, and how to reconcile your loan so your books stay clean and accurate. ⏱️ Timestamps 00:00 Intro 00:17 Example: Buying a Dodge Ram (loan + asset overview) 00:40 Setting up the loan account (Chart of Accounts) 01:26 ⚠️ Do NOT enter opening balance 01:40 Setting up the fixed asset account 02:29 Recording purchase with a Journal Entry (JE) 04:24 About me + who I help 04:36 Method 2: Recording using an Expense (no JE) 05:24 Recording the purchase (Expense method) 06:41 Understanding principal vs interest 07:44 Setting up recurring loan payment template 08:43 Using the amortization schedule 09:08 Recording monthly loan payments 10:32 Loan reconciliation (year-end) 11:19 Common issues if balance doesn’t match 11:40 Wrap up
