How To Record Loan Payoff In Quickbooks
To record a loan payoff in QuickBooks, you'll want to follow these steps: Open QuickBooks : Log in to your QuickBooks account and open the company file where you want to record the loan payoff. Navigate to the Chart of Accounts : Click on the "Lists" menu at the top of the QuickBooks window, then select "Chart of Accounts" from the drop-down menu. Locate the Loan Account : In the Chart of Accounts window, find the loan account that you're paying off. This account should represent the liability associated with the loan you're paying off. Enter a Journal Entry : Once you've located the loan account, you'll need to create a journal entry to record the loan payoff. To do this, click on the "Company" menu at the top of the QuickBooks window, then select "Make General Journal Entries." Fill in the Journal Entry : In the General Journal Entry window, enter the date of the loan payoff in the "Date" field. Then, in the ...