How to add an equipment loan to QuickBooks Online

In this QuickBooks tutorial, you'll learn how to add an equipment loan to QuickBooks Online.
I'll show you how to create a Fixed Asset account and Long Term Liability account for your loan. How to a journal entry to the register to add the loan and what it looks like on the Balance Sheet.
In the next video, I'll show you how to record payments for that loan.
Read the blog version with step-by-step instructions and screenshots at: www.gentlefrog.com/how-to-add...
Please like, subscribe, and comment!
Contact Rachel for one-on-one assistance:
www.gentlefrog.com/meeting/
Are you a small business owner struggling to make sense of your QuickBooks data? Sign up for my FREE Review Your QuickBooks Mini-course and learn how to keep your QuickBooks accurate, up-to-date, and free from costly errors: courses.gentlefrog.com/review...
☕ If you found this video helpful you can say "thanks" by buying me a coffee...
www.buymeacoffee.com/gentlefrog
Connect with Rachel on Facebook:
/ gentlefrogllc
Try QuickBooks Online for free for 30 days:
bit.ly/3gXpv3b
Already know you want QuickBooks Online? Buy now and save 30% on your first 12 months:
intuit.me/3gZ0q85
Check our reviews:
proadvisor.intuit.com/app/acc...
www.yelp.com/biz/gentle-frog-...
www.gentlefrog.com/reviews/
Timestamps
00:00 - Intro
00:18 - What's needed in QBO to add an equipment loan
00:57 - Creating a Fixed Asset account
02:17 - Creating a Long Term Liability account
03:31 - Creating a Journal Entry for your loan
06:10 - Viewing your loan on the Balance Sheet
06:44 - Outtro
#quickbooksonline #bookkeeping
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Gentle Frog, LLC does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Gentle Frog, LLC does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.

[@fanglu1623]

Thank you for the video

[@GentleFrog]

You're welcome! Thanks for watching.

[@220gal]

Any insight on how to do this now that the Quickbooks online format has changed? When you create a new account under chart of accounts now, there are hardly any options (no option to put in loan amount or anything)

[@GentleFrog]

​@@220gal you can schedule at gentlefrog.com/meeting

[@meaghanpost6289]

Also, what if there is a depreciation schedule? How would I enter that? Thanks!

[@GentleFrog]

Hi Meaghan, we can walk you through entering the down payment and the depreciation schedule in a 15-minute meeting: www.gentlefrog.com/meeting/

[@user-pt4tl7zv3k]

I never entered the loan for my equipment in properly. should I go back and fix that in quick books, or should I?

[@GentleFrog]

Generally speaking, yes, you'd want to enter it properly. But I'd need more information on how it was originally entered to know for sure (there's more than one way to enter things into QBO). You can schedule a 15-minute meeting and we can take a look at it together and figure out what's best for your situation: www.gentlefrog.com/meeting/