Set Up A Vehicle Loan In QuickBooks
How To Set Up A Vehicle Loan In QuickBooks?
In QuickBooks, you find huge choices of features to handle your organization with more ease; vehicle loan is one of the best features. In-vehicle loan user gets access to take the loan amount which goes for a “Long term liability account” including all fixed assets. With this blog, you get to acknowledge to set up a vehicle loan in QuickBooks with all essential facts.
Complete guide by MyOnePro which teach you step by step How To Setup Loan In QuickBooks , which also help you to resolve issue .
Steps For Setting UP Auto Loan QuickBooks
To set up a vehicle loan in QuickBooks, the user has to follow three major steps
Step 1: First of all set up the liability account record with these steps
- Firstly, the user has to open the “Settings” and then choose the “Charts of Accounts”
- From the list of the drop-down menu, click on the “Create a new account”
- Go to the “Account Type” menu, and then choose the “Current liabilities” option
- Put your next click on the “Detail Type” and select the “Loan Payable” option
- Again, open the “Account Type” menu and choose “Non-current liabilities” option. This step is taken if you have any plan to pay off all loan amount just by the end of the year otherwise you can choose “other current liability” and then process the same process till the selection of “Loan Payable”
- Then provide a relevant name to the account likewise “Loan for a bike or car”
- Make sure about all filled details and then select that specific time when you want to begin to navigate your account.
- Go to the “Balance field” and enter the total amount and all mandatory information
- In the “Amount field” enter total loan amount which is considered to be a negative amount
- To end with this process, click on save and close
Before moving towards second step , you have to clear idea about QuickBooks General Ledger Entry which helps to record Auto loan entries .
Step 2: Make sure the user has a complete record of the money that has got from the loan
- Click on “Select + New” simultaneously
- Then choose the “Journal entry” from the list preferences
- From the first line options, choose the “Liability account” and fill the total loan amount in the section of the credit column
- From the second line options, choose the accurate asset account from the list of the “Account” menu and fill the same amount of loan in the section of debits column
Step 3: After implementing the above steps correctly, make records of all loan payments with these following steps:
- First of all, mark your click on “Select + New” simultaneously
- And then choose the “Cheque”
- Then the user has to add a check number on it, in any case, you want to send an actual cheque. you want to with the direct withdrawal of EFT option, then choose the EF or debit from the available option in the cheque section
- User has to fill all mandatory information in the section of category details
- In the first line, enter liability account for verifying the amount of payment and loan
- In the second line, user need to enter all expenses account for the rate of interest and the total amount
- An additional line, if you have any additional fees or charges just filled with the correct amount. This step is optional
- In the end, you complete the whole process and now click on save and close.
Solve QB Car Vehicle Setup Issue, Problem
MyOnePro also gives complete assistance via QuickBooks 24/7 Support Number .MyOnePro hope, the above information is enough to set up a vehicle loan in QuickBooks but if you still want to know more or any consultation, just dial MyOnePro Toll-Free +1800.301.4813 . To get in touch with QuickBooks professionals, feel free to connect with them via the LIVE CHAT link. To figure out all issues regarding vehicle loan or QuickBooks, drop your questions at MyOnePro Support email address and resolve any issue or QuickBooks Errors while setting up new car loan etc .