Accounting for Loans and Loan Payments in QuickBooks Online

This video explains accounting for loans and loan payments. At the end of the video I also discuss cleaning up loan accounts if you're trying to make corrections. 0:00 Intro 0:21 Accounts typically affected 1:00 Setting up accounts in chart of accounts 1:19 Current vs. long-term liabilities 1:59 Line of Credit example - entries when money is borrowed 3:30 Line of Credit example - payment entries 8:02 Brief discussion of loan balance, finding loan balance amount, timing of recording interest 8:58 Purchasing Equipment with down-payment example - entries for purchase 12:40 Purchase Equipment with down-payment example - payment entries 15:36 Balance Sheet 16:17 Cleaning up loan accounts/loan balances Disclaimer: This video is not intended to replace advice from your CPA or tax preparer.