Hi. How to record a bank loan credited to my account? Next day I have bought a new car for a business, so money have been debited my account straight away.

We appreciate you posting your query about recording your bank loan, dovgan. I'll walk you through how to record the loan and the car purchase so your books stay spot on.

QuickBooks Online allows you to record loans and repayments, set up an asset, and document depreciation of assets. To keep you guided through the process, I recommend seeking assistance from an accountant to maintain the integrity of your financial records.

To begin with, here's how to create a liability account

1. Go to the Gear icon, then pick Chart of accounts.
2. Select the New account button at the top right corner.
3. In the Account type dropdown, choose Longer Term Liabilities if to be paid within the year or Long Term Liabilities if otherwise.
4. Enter a relevant name, such as what the loan is all about.
5. Leave the opening balance blank and use the Description field if you want to add extra information.
6. Select Save.
    

After that, refer to these steps to record when the funds are deposited into your bank account using a journal entry:

1. Click + New, then Journal entry.
2. Select the new liability account in the first line under Account and provide the loan amount under Credits.
3. For the next line, choose the appropriate asset account. The Debits column will then be populated automatically based on the amount in the Credits column.
4. Hit Save or Save and close.

To record the car purchase using the bank loan, create a journal entry with an accountant's guidance to ensure proper account selection and accurate posting of debits and credits.

For a detailed discussion of the process above, scan this material: Record a loan for an asset in QuickBooks Online.

With the information above, you should be able to track bank loans, purchases, and payments accordingly. If you have further questions, feel free to reply here. We’re always happy to help you navigate QuickBooks Online when performing different business tasks.