How to set up loan in Quickbooks Accounting Software

Small businesses need loan to finance certain project or meet emerging cash obligations. With Quickbooks, you can set up loan for short or long term liability in your books of account.

Loan is liability in Quickbooks chart of account, click here for tutorials on how you can see your chart of account.

 Click List on the Quickbooks Menu and select chart of account.

To set up loan, Click Account at the bottom left on the window.

Click New to start the process of adding Loan as new account.

Select Loan and click Continue.

Account Type: Select Long or Short term liability.
Account Name: Describe the general loan type in one word- it could based on creditors or source.
Enter Opening Balance: Enter the value of loan secured.

When you Click Enter Opening Balance, a small window pops up.

Click Ok to save and close this entry.
On the loan set up window, click save and close to enter the transactions in Quickbooks.


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