How to setup a Loan in QuickBooks
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- čas přidán 10. 06. 2024
- Do you need to set up a Loan in QuickBooks?
The first step to setting up your loan is thinking about exactly what happened…
Did you just get the loan or have you had it for years?
In this video, I'll walk you through these steps to set up your Loan in QuickBooks.
Would you like my step-by-step PDF guide to closing out your books each month?
Here's your printable PDF 🥳: canduskampfer.com/month-end
➡️ Steps to setup a Loan in QuickBooks
Go up to “Lists”
“Chart of Accounts”
Setup your Main Category
Then set up subcategories
Go down to “Account”
Click “New”
Choose “Loan”
Click “Continue”
“Account Name”
**Checkmark “Subaccount of ____________” If it’s a subaccount
“Description”
“Click Enter Opening Balance”
“Enter Opening Balance: Other Current Liability Account” screen will show
**If you have a loan for a long time & you don’t know what the original purchase price
“Opening Balance ____ as of ______ “
“Click “OK”
Click “Save & Close”
➡️ Recording All Transactions at Once
Go up to “Company”
“Make General Journal Entries…”
“Assigning Numbers to Journal Entries”
Click “OK”
Choose “Account” (1st Line: Bank Account)
“Credit” Amount
“Memo”
“Account” (2nd Line: “Vehicle”)
“Debit” Amount
“Memo”
“Account” (3rd Line: “Loan”)
“Credit” amount
“Memo”
Click “Save & Close”
➡️ Writing Check
Go up to “Banking”
“Write Checks”
“Pay to order of”
“Name not found” screen will show
“Quick Add”
“Select Name Type” screen will show
“Vendor”
“OK”
“Amount”
Under “Expenses” tab, add “Account”
“Amount”
Click “Save & Close”
Do you need the QuickBooks Online version to set up your Loan: canduskampfer.com/how-to-set-...
Learn how to apply for your loan payments properly: canduskampfer.com/break-princ...
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Timestamps:
0:00 - Intro
0:22 - Factors to consider
0:51 - how to enter loan in QuickBooks
3:00 - Record all transactions at once (Journal Entry)
5:31 - Checking Balance Sheet/Bank Account
6:10 - Final Thoughts
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Thank you. You teach the way I learn! I might be a good part of your 3 million viewers. I consult your Qkbks tutorials " a lot"
I love that Teresa! 😊
Candus ... Once again, I am new to QuickBooks and you have saved the day again!!!! YOU ROCK!!!!
Thank you so much! 🤗
If you're looking for more QuickBooks training, I recommend attending her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
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Thank you so much for this video!
Exactly what I needed!
This channel is binge worthy
Yay! We're glad you enjoy Candus' videos.
Have a great day 😊
Elaine
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I am loving your videos.
Awesome! Glad it worked for you :)
Elaine - Team Candus
Thank you!! This helped :)
Yay! Glad it helped you Mary.
Have an amazing day :)
Elaine - Team Candus
Love your videos, thanks
Awesome! Glad it worked for you.
Elaine - Team Candus
Love the way you explain things. My question is I sell used cars and finance them. How do I do this in QB we currently have 2015 but it doesn't seem to handle financing. I'm willing to update if that's what I need to do. Thanks
You're number 1. For sure
M happy that i subscribed your channel..... thanks alot .. hope when i have a prob you would help me in that
Hi Candice, do you have QB online video tutorials?
How do you set up automatic drafts?
Hello Candus,
Do you have a video where is shows how to set up an asset account on a truck with a trade in?
Nadia,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer.
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Elaine
Team Candus
Do I enter the sub accounts ( interests and expenses ) as long term liabilities as they belong to the long term assets
Quick question Candus. If i'm setting up a construction loan that it gets disbursements as the project goes. How do I log each time the bank disburses funding into that loan account? is it like a deposit? I'm confused, because if I log as a deposit, I have to select the account type, but its coming from the bank directly not an specific account ? I'm so confused :| any help will be appreciated. Thanks for all your videos :)
Can you show example of down payment on a mortgage- I have a client that hands me down payment info but settlement statement about two months after the fact.
HI Candus, do you have a video posted that explains how to take a reposed car off of the books. I have the full loan on the books along with the depreciation and payments.
Thank you so much for your videos. You are amazing!
Hi Linda,
Thank you for watching our videos! 😁
I will add your question to the list Candus uses to create new QuickBooks tips each month.
If you haven't already joined our weekly QB Tips & Tricks emails and want to receive them, click here to join:
canduskampfer.com/weeklytips/ and we'll send you our tips straight to your inbox.
If you're looking for more QuickBooks confidence and training, I recommend attending her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
McKenzie
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Hi Candus, have you ever done a video about setting up an escrow account? I also have questions about how to breakdown a payment to an escrow account.
Lisa,
I have a video for that in my Confidence with QuickBooks program.
I'm pretty sure I don't have anything for that on my YT channel.
We will add it to our requests for future videos.
Have a great day!
Candus
P.S. If you want to learn more about customizing QuickBooks you can join me for my next workshop. CandusKampfer.com/workshop
Hi, I love you videos! I have a question hopefully you can help me. We recently purchased a company vehicle outright, so no hire purchase agreement/finance. I am just wondering if I still need to set up any additional accounts/journal entries/tangible assets etc. At the moment I just made a check payable to the vendor and a I chose fixed assets as the account.
Any advice would be appreciated thanks.
Hi Roci,
Sounds like you did it right! You can always have your tax professional review it at the end of the year.
If you'd like to make sure you get our weekly tips, you can join here: canduskampfer.com/weeklytips
Have a great day!
Ireland
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Hi Candus, can you please do a video on a loan from the owner(also considered as the employee...?) to his/her C corp? Also, is it best to do a capital contribution or a loan to the C corporation from the owner?
Sounds great! Thank you!
Hi I saw a video about intercompany bank transfers...do you have one for inter company fixed asset transfers?
Hi Nikki,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
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Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
Can you post a video on how to set up a notes receivable for property sold?
Monica,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer.
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Elaine
Team Candus
Hi! First, you’re awesome! How do we enter a loan, minus the processing fee that is taken at the time of funding? And can you show us how to set up the interest that is attributed to the loan itself?
Hi,
I added your question to our list. Candus uses questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips*
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Yes please Candus, can you explain. Thank you so much.
Hello Candus. How can I enter gains from investments for example a saving account. Thanks
Lizandra Ruiz,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer. We will add your question to our future tip requests. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips
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Elaine
Team Candus
How to loan money to someone on qb from our company? not a loan to us ...
Hi Candus, How do you post a downpayment that was from a credit card? Thanks
Hi cin lin,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
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Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
please make a Video payroll setup
Dhacdooyinka Dunida,
Thank you for reaching out to us!
We will add your question to our future tip requests. Please join the
weekly tips and tricks to be notified when your question is answered.
canduskampfer.com/tips
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Team Candus
How do you set up auto loans that you're in the middle of? I've began my QBs for 2018 & I bought my truck in 2015. This is also for personal not business
Hi tarat74,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
If you haven't subscribed to Candus's Tips & Tricks yet, here is the link to join: canduskampfer.com/tips we'll send a reminder for her next Live top 10 answers.
If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/
Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
Question: I have a client that I'm trying to clean up their QB. there are transactions showing him making payments to a particular person. he told me to classify them as a loan payment. however the loan amount he is paying off was never entered into qb. so if I enter the beginning balance won't it affect the balance as that money has already been taken out ? how would you recommend I fix this?
Hi Karin,
Yes, you need to have a beginning balance/loan to apply the payments against.
If you're needing more support in learning QuickBooks, you can find out more about our program here: confidencewithquickbooks.com/
Hello Candus..I just came across your video. I do have a question, please. How do you set up a loan if you've had it for a while and just got the Quickbooks program?
Hi Lourdes,
Thank you for watching our videos! 🤩
I will add your question to the list Candus uses to create new QuickBooks tips each month.
If you haven't already joined our weekly QB Tips & Tricks emails and want to receive them, click here to join: canduskampfer.com/weeklytips/ and we'll send you our tips straight to your inbox.
If you're looking for more QuickBooks confidence and training, I recommend attending her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
McKenzie
Team Candus
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I'm looking for the answer to this please let me knownif you found this answer thank yoj
I purchased equipment, but my accountant set it up as a long term liability, and now the monthly payment doesn't show on my profit loss statement. Is that right?
Panzerclaws,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer.
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Elaine
Team Candus
Hello Candus thanks for sharing this valuable info. Is there any video you can share how to record a lease expense. If a person paid $3000 in advance for lease asset for total value of $10,000 and needs to pay $250 per month. this equipment needs to hand over back to seller after 5 years. how it can be recorded.
Any thought on this. thanks in advance
Hi Nabeel,
Thank you so much for watching our videos!
I'll make sure to add your question to Candus' list of future video ideas.
If you would like to receive our weekly QB Tips & Tricks emails, you can click here to join: canduskampfer.com/weeklytips/ and we'll send you our tips straight to your inbox.
Have a great day!
Ireland
Team Candus
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How do enter mortgage payments for home based business? Do I set it up as a loan?
That is a question for your tax professional.
can you do a video to show debt consolidation loan? if you get a new loan and it pays off multiple existing loans in quickbooks? Also a video on a new line of credit that pays off an old one but you still have available balance to use?
Hi Belinda,
Thanks for your suggestion, I've added it to our list. Candus uses the list to create future tips and tricks.
Don’t forget to join the weekly tips and tricks to be notified when questions are answered. canduskampfer.com/tips
Have an amazing day!
Elaine - Team Candus
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Hello, How do I enter info for a new truck that was paid in full at time of purchase?
Hi Erik,
You’d set up the asset and if it was paid through your bank account you’d enter it from that account.
If you're interested in more QuickBooks training, I'd recommend joining us on our next workshop.
You can save your seat here: canduskampfer.com/workshop
Have a great day!
Ireland
Team Candus
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I have a car and bank loan before I started quickbooks. How can I input info? Do I have to start with the balance due from Dec 31st of prior year?
Hi,
I added your question to our list. Candus uses questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips*
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Elaine -Team Candus
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Can you make a video on How to Record a Loan Receivable in QuickBooks. I'm the lender.
I have the same question - how to record a note receivable in QB? Please help
Hi Candus, just a quick question, instead of a truck I would like to set up the company itself, since the owner bought the company to pay as a loan, what would be the name of the account?
Hi Oscar,
I'm sorry, I don't fully understand your question. You may want to check with your tax professional on this one.
I don't think that QuickBooks provides the monthly amortization split calculation on a loan payment. Although this feature is available on Quicken. Perhaps this feature offered on a module that I am unaware of?
Hi Tom,
I will add your question to our list. Candus uses questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips*
Have an amazing day!
Elaine -Team Candus
Thanks for the awesome info! Although I'm a bit confused, shouldn't a car loan be a long-term liability account, not an other current liability account? I'm pretty new to quickbooks and been trying to watch as much videos for info. Thank you!
Thanks I appreciate the reply!
How do we adjust the opening balance for an existing loan (if we forgot to put in an opening balance)?
A Valverde,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer. We will add your question to our future tip requests. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips
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Elaine
Team Candus
How do you record the taxes and input tax credits on vehicles?
Leah,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer. We will add your question to our future tip requests. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips
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Elaine
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Hi, Candus I have a question if dealer give them rebate how I enter that, also the down payment portion was paid in two times I'm confusing, I try to do the journal entry but the loan is showing twice of the loan, also I did tray the way write a check but sill showing a lot of amount, thanks
Hi Shirley,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
If you haven't subscribed to Candus's Tips & Tricks yet, here is the link to join: canduskampfer.com/tips we'll send a reminder for her next Live top 10 answers.
If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/
Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
In a long term loan how does one add refinancing? what account should it go under? I have just refinanced an existing revolving credit loan account with 5000, how should i enter this amount?
Maria,
Thank you for reaching out to us!
Due to the large volume of comments and emails, we receive daily, Candus isn’t able to respond to all of them any longer. We will add your question to our future tip requests. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips
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Elaine
Team Candus
Hi Candus - What if the original loan amount wasn't the amount deposited? Closing cost, fees, etc...giving me a significant difference which is now throwing off my loan setup "amortization schedule"-Please help!! Thanks!!
Hi Hillary,
Thanks for your question, I've added it to our list. Once a month, Candus picks the top 10 questions and answers them Live on her FB page.
If you haven't subscribed to Candus's Tips & Tricks yet, here is the link to join: canduskampfer.com/tips we'll send a reminder for her next Live top 10 answers.
If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/
Thank you for being part of Candus' community!
Elaine - Team Candus
P.S. If you need help with QuickBooks, join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/
its not that it was too much information at once. but it was too much to fast. you can confuse a beginner. space out the time in between different ways in which and individual can accomplish a task because they will get confused and merge the different ways to do it thus causing a cataclysmic explosion of confusion
Hi Jahnaa Hepburn!
We really appreciate you pointing that out. We will try to fix that moving forward.
Have a great day!
Ednalyn -Team Candus
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This is related to a loan for a car, how will it be for a personal loan. I mean the the owner of the company ask for money to a person that he knows and now is paying it little by little. And how will it be once you buy a car but paid for it fully.
Thank you I love your videos
Hi,
Glad to hear that you love Candus' videos 😊
I added your question to our list. Candus uses questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips*
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how to register loans to employees? Thank yo
Hello,
I will add your question to the list Candus uses to create new QuickBooks tips each month. In the meantime, here is an online resource that may help.
quickbooks.intuit.com/learn-support/en-us/employees-and-payroll/how-do-i-record-a-loan-made-to-an-employee/00/677349
Have a great day!
Kindra
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Can you make a video with 401 k employer contributions in quickbook desktop but client is wit different payroll company and dnt use quickbook to run payroll
Hi,
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the question I have is ... how do you handle the trade in value and rebate against the purchase price? I have entered a $10,000 dp check to the vehicle asset, but not quite sure how to handle the $7000 trade in and the $2500 rebate. Purchase price was $71253.89. Loan amount is $52,836.67
Hi Geri,
I added your question to our list. Candus uses questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips*
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what about the interest? the payments will add more then the loan at the end
Wilson,
Here’s a video for breaking down interest vs principal on your payments: canduskampfer.com/break-principal-vs-interest-loan-inside-quickbooks/
Have a great day!
Candus
please help me to creat a loan account for staffs or workers.
Thank you for watching the video!
Due to the large volume of questions and emails we receive daily, Candus isn’t able to respond to all of them any longer. If you are just starting out with QuickBooks or feeling overwhelmed and need help, register to join her next workshop here: canduskampfer.com/getting-started/
Have an amazing day!
Elaine
Team Candus
No loan manager reference
If bank deposits loan into business bank account and then I write entire check to dealership how should this be recorded?
Hi Tom,
I added your question to our list. Candus uses questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips*
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How do you set up a loan if your company is loaning the money to someone else?
Hi PaintCraft,
I'll make sure your question is added to Candus' list of future Tips & Tricks ideas.
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I'm using quickbooks to run a limited company. I have a business account, but most transactions have come out from my personal account. How do I record this properly.. this is a long term loan (over 12months) please help.. literally can't find the answer anywhere.
Candus Kampfer could you elaborate further. I.e. the accounts I need setup on quickbooks to record my personal loans.
Candus Kampfer okay so I create 'owner contributions' as an equity or as a long term liability? I'm not sure what you mean by set up a business expense account..? Set up a dummy personal account for the purchases to show as expenses?
I am so lost! :(
yes. I think because I can't wrap my head around it. We got a small loan to fix a business vehicle. $8000.00. I got how to record that. But how do I show whom I paid the repairs too? We paid 3 different people.
oh, and I should add that the loan amount was deposited into the business checking. I think that is why I am hard time
It does, but when I am printing out my P&L for the year, the expenses and loan is not showing up
It would be helpful if you didn't talk quite so fast.
Thank you for watching the video!
We will note your feedback.
Have an amazing day!
Elaine
Team Candus
You can set the playback speed to 0.75 in settings.
There are much better ways to use QB's than this.
Such as?????
This is the worst video ever. You go so fast, I cant Follow. You some how end with 28,000 at the end of setting up a 25,000 purchase. If I followed your instruction I'd so messed up on my taxes it isn't even funny.