Enter Name of the vendor (bank or company name).From the Vendors menu, click on Vendor Center.To make payments to the bank or company, you must create a vendor account by following the steps provided below: Enter name and number for this liability account. Long Term Liability Account – if you’ve taken a long-term loan payable over more than a year.Other Current Liability Account – if you’ve taken a short-term loan payable in one year.Launch QuickBooks, and go to the Lists menu.Here’s how you can set up a liability account to track loan payment in QuickBooks desktop: If you want to rely on QuickBooks accounting software to track your loan and loan payments, you must create a liability account. Set up Liability Account before you Enter Payment for a Loan in QuickBooks Solutions to all of your accounting and bookkeeping problems with industry leading 6.3 Record a Loan Payment in QuickBooks Online.6.2.2 Option 2 – Use Loan amount instead of saving into a Bank.6.2.1 Option 1 – Put Loan Money into the Bank Account.6.1 Set up a Liability Account for Tracking Loan Payments.
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