Confused About Recording Loans in QuickBooks Online? Watch This!

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Taking out a loan to buy new equipment or a vehicle for your business is a great option, but recording it in QuickBooks Online can get tricky. In this video, you will learn how to record a loan, add a fixed asset and how to split loan payments between principal and interest.

Timestamps:
00:00 - Introduction
00:09 - Example of a fixed asset
00:20 - Definition of fixed asset
00:28 - Adding fixed asset to Chart of Accounts
00:56 - Recording cash payment for fixed asset
01:27 - Definition of liability
01:34 - Adding loan for fixed asset
02:05 - Using journal entry to connect loan with fixed asset purchase
02:37 - Reviewing fixed asset purchase and loan on the Balance Sheet
03:19 - Reviewing details of 1st monthly loan statement
03:32 - Splitting a monthly payment between principal and interest
04:09 - Reviewing loan balance on the Balance Sheet after monthly payment
04:31 - Reviewing interest expense on the Profit and Loss Statement after monthly payment
04:48 - Creating expense template for recurring monthly payments
05:31 - Reviewing details of 2nd monthly loan statement
05:43 - Recording monthly payment using the expense template
06:06 - Checking for accuracy by reviewing loan balance on monthly statement and Balance Sheet
06:23 - Outro

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Enjoy your bookkeeping journey!

#bookkeeping #quickbooks #accounting
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