If my business is lending company. How will I record my transactions?

Hello there. Let me help you record your transactions when handling a lending business inside QuickBooks Online (QBO).

In QBO, keeping a record to track the loans and payments from your customers is essential. You can issue a multi-purpose loan to your customers. Follow the steps below on how. If you don't see the steps on the page of your QuickBooks, switching it to an Accountant view is recommended.

The first step create an account to track the loan and its payment.

1. In Settings, go to Chart of Accounts, and click New.
2. Set the Account type from Current Assets or Non-current Assets.
3. In the Detail Type dropdown, click Loans to Others.
4. Enter a recognizable name in the Account name field.
5. Hit Save and Close without an opening balance.

After that, issue a check for the loan.

1. Click the +New and go to Cheque.
2. Select the account you used to fund the loan in the Bank Account dropdown.
3. Choose the account you created in tracking the loan as the offsetting account on the Category details.
4. Enter the amount's loan.
5. Once done, click Save and close.

In recording a customer payment, check out this article and follow Option 2, Step 3 for a step-by-step process on how: Track customer loans in QuickBooks Online.

Moreover, you may also check out this link as your reference on tracking the flow of your cash inside QBO: Track your cash flow in QuickBooks Online.

You can reply on this post for more questions with recording the transactions of your lending business in QBO. I'm here to help you. Take care!