What Is A Liability Register In Quickbooks

How-do-you-do, LLTodayInc.

To record the transfer, you would desire to use a periodical entry. I'll show y'all the stride-by-step process on how to handle the loan funds.

Note: Categorizing this counts as a transfer. Nevertheless, an accountant might be able to share their ideas virtually account categorization. Attain out to them to ensure your books are right.

I have it that you haven't created the bank account (for the funds' rubber keeping) in QuickBooks yet. In this example, hither's how to exercise it:

1. Go to Accounting, so the Chart of Accounts tab.
2. Click the New button.
3. Select Bank as the Business relationship Type.
4. Choose a specific Detail Type.
5. Proper noun information technology similar "Loan funds safety keeping account" or something similar.
6. Once done, click Save and close.

Since yous've already created the liability account, nosotros want to transfer the funds for the safe keeping account. We tin utilize a journal entry in this case:

1. Click the + New push, then choose Journal entry.
2. Nether the outset line, select the safety keeping account, and so enter the corporeality transferred under Debit.
3. For the second one, choose the liability account for the loan then enter the same amount nether Credit.
4. Add a memo if necessary, and then click Relieve and shut.

When you lot're about to use the funds, you can utilise the Bank transfer feature and motility the corporeality to your checking account:

1. Click the + New button over again, then choose Transfer.
2. Cull the prophylactic keeping account from theTransfer Funds From drop-down menu.
3. Select the checking account under theTransfer Funds To menu.
4. Enter the transfer amount, and so Salve and shut.

You can read this commodity if you lot'd like to know more almost setting up loans: Set up a loan in QuickBooks Online. Besides, follow Step 3 when yous're ready to pay off the loan balance.

Need to accept care of other transactions or want to run reports? Our articles can guide you lot through the process. Cheque them out hither. If you want to go to a specific topic, just scroll downward to the bottom of the folio and select on under More Help Topics.

I'll meet you soon but if you accept more concerns for QuickBooks Online, feel free to reply below. I'm here to help.

Source: https://quickbooks.intuit.com/learn-support/en-us/banking/we-recently-got-a-loan-and-it-s-recorded-in-a-liability-register/00/193916

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