How To Register Loan With Down Payment Quickbooks

It's nice to see you in the Community, gregveachlaw.

Let's write a check to record the interest paid into and out of a liability account. The process is a cakewalk, and I'one thousand here to guide you.

If you oasis't created the liability or expense account, go to the Chart of Accounts folio to add them. I suggest consulting an account for a recommendation on the specific accounts to use to rail the transaction.

To add the account, nosotros'll have to perform the process one at a fourth dimension. Cheque out the steps below.

Tap the Accounting card on the left panel to choose Chart of Accounts.
Hitting the New button in the upper right to open the Account window.
Press the Business relationship Type driblet-downwardly and pick Other Current Liabilities or Long Term Liabilities.
Select the appropriate category in the Detail Type drop-downwardly.
Enter a name for the account.
Click Save and close.

Follow the same process when setting upwards for the expense account. Then, pick the correct Business relationship and Particular Types. Permit me share this article for additional information: Add an account to your chart of accounts in QuickBooks Online

When y'all're ready, permit'southward go alee and record the transaction. Here's how:

Click the New menu in the upper left to choose Check nether Vendors.
Fill in the field boxes with the correct details.
Go to the Category details section and enter the following information.
Starting time line: Liability account for the loan and the amount of payment
Second Line: Expense account for the interest.
Press Salvage and close.

For future reference, I'1000 adding a guide that outlines the instructions of how to: Prepare a loan in QuickBooks Online.

Stay in touch if yous have whatsoever other concerns or additional questions about the product. I'll exist glad to help and answer them for you lot. Savour the rest of the day.