QB Issue Resolution:
You can set up loans in QuickBooks by setting up a liability account to record what you owe. This will allow you to add the loans from your vehicles into the program. These steps will show you how:
- Navigate to the Gear icon and select Chart of Accounts.
- Press New.
- In the Account Type menu, click Long Term Liabilities.
- From the Detail Type drop-down, select Notes Payable.
- Type a name for the loan in the Name box.
- Choose a period of when you want to start tracking the finances in QuickBooks.
7. Enter the loan amount as a negative in the Amount field.
8. Hit Save and Close.
Now you have an account that will track the expenses for the loan. So, the next steps are to record the money from the loan and the loan payments. You can check out this article on setting up loans for more information on how to record them correctly.
Resolution for Issue 'We are just setting up Quickbooks this year. We have had our vehicles for several year and need to add the loans in Quickbooks. How do we do this?' available: Yes (Solved).
Source: Intuit Community forum.
We are just setting up Quickbooks this year. We have had our vehicles for several year and need to add the loans in Quickbooks. How do we do this?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Add Loan
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Error Recovery for Add Loan [Canada]
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