Add or set up a new installment loan
I need to add a new loan, and I am not sure how to set up a liability account. I also need to add existing loans of which payments have already been made.
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03/21/09 8:34pm PDT
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Setting up a loan is very similar to adding any new account. For instance, while in the Chart of Accounts go to the bottom of the screen and click on Account all the way to the right, then click New. In this screen you can select "Loan". This will set up a liability for a loan. You will notice that once you select Loan it has a line at the bottom for you to enter a balance. Use this line for a loan that is existing-just use the current balance (after the most recent payment). For a new loan, leave this section blank. :)
