Simon Sez IT

Online software training and video tutorials for Microsoft, Adobe & more

  • Course List
    • Adobe
      • Dreamweaver
        • Dreamweaver CC
        • Dreamweaver CS6
        • Dreamweaver CS5
        • Dreamweaver CS4
      • Flash
        • Flash CS5
      • InDesign
        • InDesign CS6
        • InDesign CS5
      • Photoshop
        • Photoshop CS6
        • Photoshop CS5
        • Adobe Photoshop CS4
      • Photoshop Elements
        • Photoshop Elements 2022
        • Photoshop Elements 2019
        • Photoshop Elements 2018
        • Photoshop Elements 15
        • Photoshop Elements 14
        • Photoshop Elements 13
        • Photoshop Elements 12
        • Photoshop Elements 11
        • Photoshop Elements 10
        • Photoshop Elements 9
        • Photoshop Elements 8
    • Microsoft
      • Access
        • Access 2019
        • Access 2019 Advanced
        • Access 2016
        • Access 2016 Advanced
        • Access 2013
        • Access 2013 Advanced
        • Access 2010
        • Access 2010 Advanced
        • Access 2007
      • Excel
        • Excel 2021 Advanced
        • Excel 2021 Intermediate
        • Excel 2021 Beginners
        • PivotTables for Beginners
        • Excel Dashboards
        • Advanced Formulas in Excel
        • Excel for Business Analysts
        • Advanced PivotTables
        • Power Pivot, Power Query and DAX in Excel
        • Excel 2019 Beginners (Mac)
        • Excel 2019 Beginners
        • Excel 2019 Advanced
        • Excel 2016 Beginners
        • Excel 2016 Intermediate
        • Excel 2016 Advanced
        • Excel 2013
        • Excel 2013 Advanced
        • Excel 2010 Beginners
        • Excel 2010 Advanced
        • Excel 2007
      • OneNote
        • OneNote Desktop and Windows 10
        • OneNote 2016
      • Outlook
        • Outlook 2019
        • Outlook 2016
        • Outlook 2013
        • Outlook 2010
        • Outlook 2007
      • Power Automate
        • Introduction to Power Automate
      • PowerPoint
        • PowerPoint 2021
        • PowerPoint 2019
        • PowerPoint 2016
        • PowerPoint 2013
        • PowerPoint 2010
        • PowerPoint 2007
      • Project
        • Project 2019
        • Project 2019 Advanced
        • Project 2016
        • Project 2016 Advanced
        • Project 2013
        • Project 2013 Advanced
        • Project 2010
        • Project 2010 Advanced
      • Publisher
        • Publisher 2013
      • SharePoint
        • SharePoint Online
        • SharePoint Foundation 2013
        • SharePoint Server 2013
        • SharePoint Foundation 2010
      • Teams
        • Microsoft Teams
      • VBA
        • Macros and VBA for Beginners
        • VBA for Excel
        • VBA Intermediate Training
      • Visio
        • Microsoft Visio 2019
        • Visio 2016
        • Visio 2013
        • Microsoft Visio 2010
      • Windows
        • Windows 11
        • Windows 10 (2020 Update)
        • Windows 10
        • Windows 8
        • Windows 7
        • Windows Vista
      • Word
        • Word 2021
        • Word 2019 Advanced
        • Word 2019
        • Word 2016
        • Word 2013
        • Word 2010
        • Word 2007
    • QuickBooks
      • QuickBooks
        • QuickBooks Desktop Pro 2022
        • QuickBooks Pro 2021
        • QuickBooks Online Advanced
        • QuickBooks Online
        • QuickBooks Canada
        • QuickBooks Pro 2020
        • QuickBooks 2019
        • QuickBooks 2018
        • QuickBooks Pro 2017
        • QuickBooks Pro 2016
        • QuickBooks Pro 2015
        • QuickBooks Pro 2014
        • QuickBooks Pro 2013
        • QuickBooks Pro 2012
        • QuickBooks Pro 2011
        • QuickBooks Pro 2010
        • QuickBooks Pro 2009
    • Web Development
      • AngularJs
        • AngularJS Crash Course
      • Dreamweaver
        • Dreamweaver CC
        • Dreamweaver CS6
        • Dreamweaver CS5
        • Dreamweaver CS4
      • Bootstrap
        • Bootstrap Framework
      • Html/CSS
        • HTML/CSS Crash Course
        • HTML5 Essentials
      • Python
        • Pandas for Beginners
        • Introduction to Python
      • Java
        • Java for Beginners
      • JavaScript
        • JavaScript for Beginners
        • jQuery Crash Course
      • MySql
        • MySQL for Beginners
      • PHP
        • PHP for Beginners
        • Advanced PHP Programming
      • XML
        • XML Crash Course
    • Data Analysis
      • Financial Modeling
        • Financial Risk Management
        • Financial Forecasting and Modeling
      • Alteryx
        • Introduction to Alteryx
      • Power BI
        • Power BI – Beyond the Basics
        • Power BI
      • Qlik Sense
        • Qlik Sense
      • R Programming
        • R Programming
      • Tableau
        • Tableau Desktop Advanced
        • Tableau Desktop
      • Python
        • Pandas for Beginners
        • Introduction to Python
    • Work Productivity
      • Google Sheets
        • Google Sheets for Beginners
      • Confluence
        • Introduction to Confluence
      • Monday
        • Getting Started in Monday.com
      • Asana
        • Asana for Employees and Managers
        • Introduction to Asana
      • Jira
        • Getting Started in Jira
  • For Business
  • About Us
    • Testimonials
    • Contact Us
    • FAQ
    • Membership
    • About Us
  • Pricing
  • Free Resources
  • Sign In
  • Sign Up
Home > QuickBooks > How to Set Up Loans in QuickBooks 2019

How to Set Up Loans in QuickBooks 2019

Watch the QuickBooks 2019 video tutorial below. Learn about working with loans and how to set up properly with the long term and short term liability loans.

Facebook Linkedin Twitter


We have made it all the way down to module eight now. We’re going to talk in this module a little bit about working with Loans.

I want to go through and show you how to properly set up a loan. If you don’t set it up correctly, then you’ll have no idea what the balance is left to pay on that loan.

I’m going to show you how to set those up. And then, I’m going to show you how to create your loan payments. Once we’re done with that, we’ll go in and look at the loan manager that QuickBooks has.

But for now, let’s go ahead and get into setting up loans. This is section one.

Remember, in accounting, there are two types of loans. There are the short-term or the other current as QuickBooks calls them (and you’ll see several of those over here).

These are the ones that are paid off in 12-13 months. You also have long-term liabilities. These are the ones that are long-term. Five years, 30 years, that sort of thing.

You’ll want to make sure you set up each loan separately in QuickBooks so that, you can track where each payment is going, and how much you owe on each of the loans.

If you notice here, they’ve got several vehicle loans. And we’re going to set up another one, just to show you how this works.

All you need to do is right click anywhere and choose the New option. Remember! If you choose Loan here, it’s assuming a short-term. If you know you’re wanting the long-term loan you want to come down here. Choose Long-term Liability from this list. Then, hit Continue.

You’ll want to go ahead and type in your general ledger number (if you have one). Then, you want to put in the name of the loan. We’re going to call ours Loan – Vehicles (car).

We’re just trying to keep it consistent with the way they did things. But, you can name your loan anything you want to call it.

You can put it in a description (if you want). You can put the account number (but it’s not required). What you really do need though is the opening balance.

This would be how much you owed on the loan as of the start date of your company file. Let’s say it was $9,105.37, and then, we’ll go ahead and put in today’s date.

I’m going to click OK and then Save & Close. Now, you’ll see I have a new loan and I owe $9,501.37 on that particular loan.

Now, any time you make a payment, you want to put the payment towards this particular loan. I want you to notice that it didn’t ask you anything (how much was the interest rate, how many months did you take out the loan for). It didn’t ask you any of that stuff.

All we’re doing at this point is just setting up the loan in the Chart of Accounts. Later we’ll go into the Loan Manager and I’ll show you where you put all of that information in.

Let’s go ahead and go over into section two and I’ll show you how to make payments towards these loans.

Cindy McGuckin

Cindy McGuckin is an IT trainer with over 20 years of experience. Cindy currently manages the IT Training Department at Trident Technical College, she's a Member of the Association of IT Professionals, Charleston, SC chapter and the Treasurer of the South Carolina Association of Continuing Higher Education. Cindy is a Microsoft Office and QuickBooks expert and her online courses have received hundreds of 5-star reviews. Her no-nonsense approach to teaching complicated topics makes her classes engaging and interesting.

30 day vertical banner

Most Popular Posts

  • How to Insert a Checkbox in Excel? 3 EASY Examples
  • How to Autofit Excel Cells? 3 Best Methods
  • XLOOKUP Google Sheets – 4 Best Alternatives!
  • Dashboards in Excel Using Pivot Tables, Pivot Charts and Slicers
  • Free Microsoft Project Training Course
  • Free Microsoft Access Tutorial for Beginners (3.5 Hours Video)
  • How to Use Blending Mode With Layers in Adobe Photoshop Elements 15
  • How to Create Charts and Graphs in Microsoft Excel 2016

Similar Posts

How to Use Expert Mode Tools in Photoshop Elements 2019

Work Resources Setup in Microsoft Project

Learn the QuickBooks Interface in QuickBooks Pro 2017

How to Insert Hyperlinks in Visio 2010

Is Your Excel Scroll Bar Missing? 4 Easy Ways to Fix It

The Most Used Excel Shortcuts

Course Categories

  • Web Development
  • QuickBooks
  • Microsoft
  • Adobe
  • Data Analysis

About Us

  • About Us
  • Free Resources
  • Affiliates
  • Become an Instructor

Products

  • Pricing and Plans
  • Business Pricing
  • Government Discounts
  • Non-Profit Discounts

Support

  • FAQ’s
  • Contact Us
  • DVD support

Connect

YoutubeFacebook
© 2022 Simon Sez IT, Inc.
  • Terms
  • Privacy Policy
888.817.6665 Monday thru Friday 7:30 a.m. - 5:00 p.m. (ET)