How to Record Loans in QuickBooks Online

Get the Effective Interest Template here:
https://www.nerdenterprises.com/effec...

Watch How to Use QuickBooks Online to Record a HUD1 Final Settlement Statement:
   • How to Use QuickBooks Online to Record a H...  

Get Bulletproof Bookkeeping Courses, Memberships and Templates here:
www.nerdenterprises.com/courses-and-trainings-catalog

Index

0:30 Definition of income vs a loan

1:08 Mistakes Seth sees when he sees loan recordings

2:16 We need to always visualize the books on what's expected to be seen

3:23 Record whole payment as principal, interest separate

4:10 Using the example 100k loan, record it in bank deposit

4:54 Check your balance sheet before saving transaction

5:29 100k going into the bank

5:46 Loan payable shown on balance sheet 100k

6:28 Template to record the loan, to get entries done

8:00 Record the payment out of the bank account

8:45 Check balance sheet to check work

9:07 Record journal entry, copy Seth's template for journal entry

10:07 Check the balance sheet again

10:32 Check the transaction report

10:45 View how interest increases balance

11:09 Running the profit and loss, to doubled check everything is correct


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. Nerd Enterprises, Inc. 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. Nerd Enterprises, Inc. 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.