So you received a loan for your business, but now how do you keep track of the payments?
It may be a SBA loan, or just a small business loan from a family member or a bank, but now you need to know how to properly record your loan payments in Quickbooks Online that details the principal and interest amounts paid.
Let’s record your loan payments
When recording your loan payments, it’s important to remember that most loans have interest.
Typically, you will receive a statement each month or a schedule in advance with a detailed breakdown of your payments, making it easy for you to record in Quickbooks Online, and see the difference between the loan payable amount and the interest expense.
Check out my step by step tutorial, guiding you through the recording process in Quickbooks Online.
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