QuickBooks: Working with Loans and Forms

Name: QuickBooks: Working with Loans and Forms
Author: Cindy McGuckin

QuickBooks can be used to set up business loans and make payments, including Paycheck Protection Program (PPP) loans. In this course, you’ll learn what forms…

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I want to talk to you real quick about how to set up your loans the correct way in QuickBooks. There are two types of loans that you can take out. You can have what we call short-term liabilities, and QuickBooks calls them other current. Those are loans that you take out that you're gonna pay back fairly quickly, 12, 13 months. The other type are the long-term liabilities. Those are loans that you're going to pay off long-term. If you took out a five-year car note, for example, or if you have a mortgage, those would be considered long-term liabilities. One of the things that QuickBooks does not do is have a place for you to tell it all the specifics on your loan. There's nowhere where you tell it how long the term of the loan is, what the interest rate is, things like that. So what you're going to end up doing is when you actually make the payment, you're gonna split up the principal and interest, but you're gonna get that amount from going to the bank and getting those numbers. When you're in the chart of accounts, if you scroll down, you're going to see your liabilities in this section right here. There are a couple of other current liabilities already set up and there's one long-term liability here. Some examples of other current or short-term liabilities would be sales tax, and then payroll taxes. Think about sales tax. If you collect it from customers, you have to forward it to the state, and typically, you do that very quickly. That's an example of an other current liability. Payroll would be the same way. If you deduct taxes from your payroll, you deduct health insurance, those types of things, you have to forward those on. Those are considered other current. Here's an example of a long-term liability. They called theirs notes payable. Sometimes accountants will name their loans in slash P. That just means notes payable, and then whatever they'd like to name the loan. Over here, you're going to see the balance that's due on the loan, and you can also view the register for that loan. Anytime a payment is made towards the loan, it should go to this account right here. Now let's go up and create a brand new long-term liability. I'm going to click on new at the top, and then I'm going to choose under account type, long-term liability. Under detail type, I'm going to leave notes payable, but I can also choose other long-term liabilities or shareholder notes payable. I'm going to give the loan a name. You could name your loan anything you want. If you just want to call it business loan, you can certainly do that, but sometimes, people will do this if they have loans at multiple banks or if they have multiple loans at the same bank, you might go ahead and put the last couple of digits of the account number at the end, but whatever you want to name it as fine as long as you know which one it is. You can put a description here if you need to. This would not be a sub-account of another one, and then you want to pick a date for QuickBooks to start tracking your finances. Now, if you just took out the loan, then you can choose today or go to other and choose a date, but if you've had this loan prior to when you started this QuickBooks company file, then you can just pick whatever date you started the file, maybe the beginning of this year or beginning of this month. I'm just gonna go ahead and choose today, and then it will ask what the balance is as of this date. I'm gonna put in $50,000, and then I'm going to save and close. Now, if I look down this list, I will see my long-term liability set up and you can see it's right here. Remember that anytime you make a payment to the loan, go ahead and choose this account for the principal part of your loan, and then this balance will decrease. You would set up your short-term liabilities the exact same way. It's just the account type would say other current. So that gives you a quick overview of how to set up your liabilities or your loans in QuickBooks. Now that you know how to set up those liabilities, you'll want to go ahead and start making payments towards these loans and putting them in the correct way where you break down principal and interest. (bright music)

Advanced Provider : Cindy McGuckin 5 Lessons · 24m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

QuickBooks can be used to set up business loans and make payments, including Paycheck Protection Program (PPP) loans. In this course, you’ll learn what forms to fill out and how you can customize them to meet your specific financial needs. You will also understand how to generate and edit email templates for invoices, estimates, and other forms, and how to insert information about your business, products, or services.

What You'll Learn

Set up business loans and make loan payments in QuickBooks
Manage Paycheck Protection Program (PPP) loans within QuickBooks
Identify which forms to fill out and customize them to meet your specific financial needs
Generate and edit email templates for invoices, estimates, and other forms
Insert information about your business, products, or services into forms

Key Takeaways

QuickBooks can be used to set up business loans and make payments, including Paycheck Protection Program (PPP) loans.
Forms in QuickBooks can be customized to meet your specific financial needs.
Email templates can be generated and edited for invoices, estimates, and other forms.
You can insert information about your business, products, or services into forms.

Frequently Asked Questions

What does this QuickBooks course cover?

It covers using QuickBooks to set up business loans and make payments, including Paycheck Protection Program (PPP) loans, what forms to fill out and how to customize them, and how to generate and edit email templates for invoices, estimates, and other forms.

Will I learn how to handle PPP loans?

Yes. The course includes a lesson on PPP Loans and explains that QuickBooks can be used to set up and make payments on Paycheck Protection Program (PPP) loans.

What lessons are included in this course?

The course includes Setting Up Loans, Making Loan Payments, PPP Loans, Customizing Forms, and Editing Email Templates.

What skills will I gain from this course?

Skills covered include Commercial Loan Documentation, Loan Documentation, Loans, QuickBooks (Accounting Software), Quickform, and QuickBooks Certification.

Can I customize forms and email templates in QuickBooks?

Yes. You will learn what forms to fill out and how to customize them to meet your specific financial needs, as well as how to generate and edit email templates for invoices, estimates, and other forms.