How do I record old loans in QuickBooks?

Set up a loan in QuickBooks Online

1. Step 1: Set up a liability account to record what you owe. First, set up a liability account to record the loan:
2. Step 2: Record the money you got from the loan. Now you have an account with the full loan amount.
3. Step 3: Record a loan repayment.

How do I record a loan from a shareholder in QuickBooks?

How to record a company loan from a company officer or owner

1. Select Settings ⚙️.
2. Select Chart of Accounts.
3. Select New.
4. In the Account dialog, select either Other Current Liabilities or Long Term Liabilities from the Account Type drop-down list, depending on the type of loan and its repayment time frame.

How do I record a line of credit in QuickBooks desktop?

Line of Credit in QuickBooks desktop

1. Go to Lists menu then Chart of Accounts.
2. Right-click anywhere then press New.
3. Choose Loan then Continue. If you don’t see this option, pick Other Account Types then Other Current Liability.
4. Press Continue to proceed.
5. Enter the details of your LOC then press Save and Close.

Can I borrow money from my own corporation?

The short answer to your question is no. You can borrow funds from a corporation and you can keep them outstanding for one balance sheet date. If it they aren’t paid back you would have to include them in income taxes. At one time you could borrow cash from a corporation in order to buy a house for your personal use.

How do I setup a recurring payment in QuickBooks desktop?

Step 1: Set up a liability account

1. Go to the Lists menu, then select Chart of Accounts.
2. Right-click anywhere, then select New.
3. Select Other Account Types, then select the right account type for your loan:
4. Select Continue.
5. Enter the name and number for the account.
6. Select Save & Close.