If you’re like many small business owners, you’re probably busy running your business and don’t have time to keep track of your finances. That’s where QuickBooks comes in to help. QuickBooks is a time-saving software that can help you track your expenses, income, and loans. In this quick guide, we’ll show you how to easily record a loan in QuickBooks.
How to Record Loans in QuickBooks Online
[ytvideo]How to set up loan accounts in QuickBooks
- In QuickBooks, click the “Accounts” tab and select “Loan” from the list of accounts.
2. In the “Loan Details” window, you will need to provide the following information:
a. The loan’s account number.
b. The loan’s name.
c. The loan’s description.
d. The loan’s date of origination.
e. The loan’s date of repayment.
f. The loan’s type.
3. You will also need to provide the following information for each loan account:
a. The loan’s balance.
b. The loan’s interest rate.
c. The loan’s repayment term.
d. The loan’s amortization schedule.
e. The loan’s principal balance.
f. The loan’s interest and principal payments.
4. To add or change any of the information in the “Loan Details” window, click the “Edit” button next to the account number, name, description, or other information.
5. To view or print the loan details, click the “Print” button next to the account number, name, description, or other information.
How to track loan payments in QuickBooks
First, open QuickBooks and select the “Loan” tab.
Next, click the “Loan Payments” button.
Now, you’ll be prompted to select the loan account you want to view.
Select the loan account and then click the “Start Tracking Payments” button.
QuickBooks will now begin tracking your loan payments.
You’ll be able to see your loan payments history, as well as the balance of your loan.
If you need to make a payment on your loan, you can do so by clicking the “Make Payment” button.
Once you’ve made your payment, you’ll be able to mark the payment as complete.
Finally, you can view your loan’s current status by clicking the “View Loan Info” button.
How to record loan interest in QuickBooks
- In the Loans tab, select the loan you want to work with.
- On the Home tab, click the Add Interest Rate button.
- In the Add Interest Rate dialog box, enter the interest rate for the loan.
- Click OK.
- On the Home tab, click the Add Fees button.
- In the Add Fees dialog box, enter the fees for the loan.
- Click OK.
- On the Home tab, click the Save & Close button.
- In the Loans report, you’ll see the interest, fees, and principal balances for the selected loan.
How to record loan late fees in QuickBooks
If you’re behind on your loan payments, you may be subject to late fees. In QuickBooks, you can calculate and record the late fees you’re likely to incur based on your current loan balance and the amount of time you’ve been delinquent.
1. In the Loans module, click the Loans tab.
2. In the Loan Details section, under Late Payment Penalties, click the New button.
3. In the New Late Payment Penalty dialog box, set the following fields:
Loan Balance: The current balance of your loan.
Amount delinquent: The total amount you’ve been delinquent on your loan.
Number of days delinquent: The number of days you’ve been delinquent.
4. In the Late Payment Penalties dialog box, click the OK button.
5. In the Loans tab, under Loan Details, click the Edit button.
6. In the Edit Loan Details dialog box, under Late Payment Penalties, click the Show button.
7. In the Late Payment Penalties dialog box, under Late Payment Fees, click the Show button.
8. In the Late Payment Fees dialog box, under Late Payment Fees Applied To This Loan, click the Add button.
9. In the Add Late Payment Fee dialog box, set the following fields:
Amount: The amount of the late fee.
Date: The date the fee will be charged.
How to report on loans in QuickBooks
If you are a business owner, you may need to report on loans in QuickBooks. Reporting on loans in QuickBooks will help you track the progress of your loans, and keep track of your financial obligations.
Here are the steps you need to follow to report on loans in QuickBooks:
1. Open QuickBooks and click the Company icon in the left-hand column.
2. In the QuickBooks window, click the Accounts & Reports tab.
3. In the Accounts & Reports window, click the Loans tab.
4. In the Loans tab, click the Loan report icon.
5. In the Loan report window, you will see the following fields:
loan amount: This is the total amount of the loan.
borrower: This is the name of the company that borrowed the money.
due date: This is the date on which the loan is due.
interest rate: This is the interest rate that was applied to the loan.
6. You can also view other information about the loan by clicking the Details icon. This will open the Loan Details window.
7. To manage your loans in QuickBooks, you can:
Review the information in the Loan report window.
Update the information in the Loan Details window.
Pay the loan off by entering the payment amount and due date in the Pay off field.
8. You can also
Conclusion
If you are in the process of recording a loan in QuickBooks, it is important to follow the correct steps so that the loan can be accurately recorded and tracked. Here are four tips to help you record your loan in QuickBooks:
1. Add the loan account to your QuickBooks account.
2. Enter the loan amount, interest rate, and term of the loan.
3. Enter the loan collateral into the account.
4. Record the original loan date and the final payment date.
