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Long Term Liability: You can select this type of account only when you want to use this for long-term loans that are payable over a longer period.Then, choose the right type for the loan.Here, you need to choose the “Other Account Types” option.At this point, click right on the “New” button.Then, click on the “Chart of Accounts” option.In “QuickBooks Desktop”, click on the “Lists” option.All you have to do is go to the Lists, click on the Chart of Account, click right on the New button, choose the Other Account Types, and save the details.įor step by step guide, you can continue following these: In order to record loan payments, creating a liability account is required. To record a loan payment in QuickBooks Desktop, one can go through the following steps: Step 1: Make a Liability Account Thereafter, you need to set up your vendor and create the expense account to record your loan amount. First of all, you will have to create a liability account. The procedure of recording the loan payment requires you to follow a number of steps. Whether it is a non-cash asset or cash loan, QuickBooks allows tracking your loan amount as well as record the payments. QuickBooks Desktop users can also record the loan payment.
#How to void a check in quickbooks desktop how to
How to Record a Loan Payment in QuickBooks Desktop?
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