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R
rh57
February 1, 2020
Question

Need help to set up a long term loan in QBO? I read the instructions: * On the second line, select the appropriate asset account from the Account dropdown.*

  • February 1, 2020
  • 1 reply
  • 2 views
The asset account - this loan will be used for whatever we need - payroll, job supplies, etc
What asset account would that be?

1 reply

Rustler
Rustler
Level 15
February 1, 2020

In this case the asset account would be the bank account you put the money in

 

I dislike those instructions, I prefer

create the loan liability account, zero balance

make a deposit and use the loan liability account as the source account for the deposit

R
rh57Author
February 2, 2020

Thank you Rustler for the reply and help. Is there any chance you could post some screenshots or images to ‘see’ what you are saying about setting this up? Thanks

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